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ICE Review : Higher Soy Complex Pushes Up Canola

12/03/2021 | 03:45pm EST

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

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