WINNIPEG--Intercontinental Exchange canola futures ended Friday with gains while backing away from another round of contract highs.
At one point, the January contract topped off at C$1,028.90 a metric ton, with March futures hitting C$997.10 a ton.
A trader noted that new crop contracts have pushed well past C$800 a ton, which he called "phenomenal." The trader pointed to spec funds pushing the contracts higher.
Support came from increases in European rapeseed and Malaysian palm oil, along with Chicago soybeans and soymeal.
Chicago soyoil failed to sustain its gains, falling back as crude-oil prices remained lower.
Tight supplies continued to underpin canola values. Statistics Canada is slated to release its estimate for this year's disappointing harvest on Dec. 3.
At mid-afternoon the Canadian dollar was lower, with the loonie at 79.69 U.S. cents, compared with Wednesday's close of 80.31.
There were 29,529 contracts traded on Friday, up from Wednesday when 24,721 contracts changed hands. Spreading accounted for 13,930 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Jan 1,025.30 up 20.90
Mar 991.50 up 14.80
May 955.00 up 10.10
Jul 911.90 up 8.00
Spread trade prices are Canadian dollars and the volume tepresents the number of spreads:
Months Prices Volume Jan/Mar 34.70 over to 27.00 over 2,105 Jan/May 70.30 over to 62.40 over 509 Jan/Jul 114.90 over to 101.50 over 56 Jan/Nov 213.60 over to 207.20 over 26 Mar/May 37.30 over to 31.00 over 1,750 Mar/Jul 81.20 over to 73.00 over 65 Mar/Nov 183.90 over to 176.80 over 466 Mar/Jan 179.80 over to 176.60 over 456 May/Jul 44.90 over to 39.10 over 940 Jul/Nov 105.00 over to 96.40 over 267 Nov/Jan 0.80 under to 1.50 under 325
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
11-12-21 1549ET
