ICE Review : Downturn in Soyoil Takes Canola With It

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures closed lower on Tuesday due weakness in Chicago soyoil.

Small to moderate losses in Malaysian palm oil and European rapeseed also weighed on canola values.

Support for the Canadian oilseed came from sharp upticks in Chicago soybeans and soymeal. As well, the need to ration demand because of tight canola supplies underpinned values.

As the United States dollar held its strength, the Canadian dollar was lower at mid-afternoon. The loonie was at 77.81 U.S. cents, compared to Monday's close of 78.18.

There were 22,476 contracts traded on Tuesday, which compares with Monday when 21,903 contracts changed hands.

Spreading accounted for 15,610 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price       Change 

Canola

   Jan       1,000.50    dn 9.30 
   Mar       979.20      dn 4.80 
   May       942.40      dn 5.00 
   Jul       891.20      dn 4.80 
 

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

 
   Months                Prices                Volume 
   Jan/Mar       26.90 over to 20.00 over       4,628 
   Jan/May       64.50 over to 58.20 over         314 
   Jan/Jul       119.10 over                        1 
   Mar/May       39.70 over to 35.80 over       1,955 
   Mar/Jul       93.00 over to 87.40 over         192 
   Mar/Nov       228.00 over to 225.80 over         6 
   May/Jul       54.80 over to 50.50 over         615 
   Jul/Nov       139.90 over to 133.00 over        91 
   Nov/Jan       1.90 over                          3 
 

Source: Commodity News Service Canada

Write to Glen Hallick at [e-mail]

(END) Dow Jones Newswires

12-14-21 1535ET