WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Thursday, hitting its highest levels of the past week.

Drought concerns across Western Canada remained supportive, with the size of the crop likely well below earlier expectations. However, actual yields remain to be seen and market participants are showing uncertainty over where prices will need to go to ration enough demand.

There is a chance of precipitation in some areas over the weekend, although the moisture is likely too little, too late and could cause harvest delays as harvest operations start up.

Gains in Chicago Board of Trade soybean futures provided some support. However, soyoil was weaker and the Canadian dollar was stronger, cutting into crush margins.

About 11,807 canola contracts traded on Thursday, which compares with Wednesday when 20,917 contracts changed hands.

Spreading accounted for 7,218 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.


 
             Price     Change 

Canola


   Nov       879.40    up 6.60 
   Jan       864.30    up 5.40 
   Mar       848.20    up 3.10 
   May       828.80    up 3.60 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:


 
   Months                   Prices             Volume 

Canola


   Nov/Jan       16.00 over to 12.30 over       877 
   Nov/Mar       31.10 over to 28.00 over       170 
   Nov/May       49.50 over to 48.00 over         2 
   Nov/Jul       70.00 over                       5 
   Jan/Mar       16.30 over to 13.70 over     1,372 
   Jan/May       34.10 over                       1 
   Mar/May       20.00 over to 17.10 over     1,039 
   May/Jul       24.50 over to 22.60 over       143 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at news@marketsfarm.com

(END) Dow Jones Newswires

08-05-21 1553ET