WINNIPEG--Although Intercontinental Exchange canola futures closed higher Friday, they pulled back from much larger increases from earlier in the day.
Support came from strong upticks in the Chicago soy complex, but there were small losses in Malaysian palm oil, while European rapeseed ended mixed. Good gains in global crude oil gave way to prices being steady to lower and hurting edible oil values.
The latest production report from Statistics Canada was said to have little, if any, effect on canola prices as the markets anticipated cuts to major crops. Canola production for this year was trimmed by about 200,000 metric tons to 12.6 million metric tons.
For the week ended Nov. 28, the Canadian Grain Commission reported increases in producer deliveries of canola, as well as exports and domestic usage. However, pace of the three remained well behind those from last year.
At mid-afternoon the Canadian dollar was lower, with the loonie at 77.92 U.S. cents, compared with Thursday's close of 78.03.
There were 17,832 contracts traded Friday, which compares with Thursday, when 18,282 contracts changed hands. Spreading accounted for 10,824 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola Jan 1,026.90 up 4.30 Mar 994.60 up 9.50 May 953.40 up 11.90 Jul 904.60 up 13.10
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 39.90 over to 28.50 over 2,913 Jan/May 85.50 over to 69.50 over 81 Jan/Jul 132.90 over to 120.00 over 11 Jan/Nov 262.60 over to 255.10 over 10 Mar/May 47.90 over to 38.40 over 1,648 Mar/Jul 102.00 over to 89.40 over 22 Mar/Nov 223.00 over 3 May/Jul 56.50 over to 45.30 over 545 Jul/Nov 139.90 over to 125.80 over 132 Jul/Jan 140.00 over 1 Nov/Jan 1.90 over to 1.20 over 46
Source: Glen Hallick, Commodity News Service Canada
(END) Dow Jones Newswires
12-03-21 1544ET