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ICE Review: Nearby Canola Contracts Are Either Side of Steady

08/18/2022 | 03:43pm EDT

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were narrowly mixed at the close on Thursday, in an attempt to recover from double-digit losses earlier in the session.

Support for the Canadian oilseed came from strong upticks in Chicago soybeans and soymeal, however weakness in soyoil weighed on values.

Additional pressure came from losses in European rapeseed and Malaysian palm oil. Increases in global crude oil prices tempered the declines in vegetable oils.

A trader predicted the coming canola harvest will be under 19 million tonnes. He said that's due to excessive moisture in some parts of the Prairies and too little in other areas of the region. He added those conditions have eliminated any chance of output in 2022/23 reaching 20 million tonnes.

The trader also warned canola prices will most likely drop as fall approaches. He also said crushers are experiencing some of the best margins he's ever seen.

Saskatchewan reported that the province's harvest was at five percent complete overall, with winter cereals leading the way.

The Canadian dollar was lower at mid-afternoon, with the loonie at 77.25 U.S. cents, compared to Wednesday's close 77.45.

There were 27,724 contracts traded on Thursday, which compares with Wednesday when 24,978 contracts changed hands.

Spreading accounted 16,436 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price      Change 

Canola

   Nov       815.40     dn 0.20 
   Jan       824.40     unchanged 
   Mar       831.40     up 0.20 
   May       836.10     up 1.10 
 

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

 
   Months                Prices                Volume 
   Nov/Jan       7.20 under to 9.20 under       4,341 
   Nov/Mar       13.50 under to 16.20 under        10 
   Nov/May       17.00 under to 20.40 under        11 
   Nov/Nov       12.00 over to 9.00 over           85 
   Jan/Mar       6.20 under to 7.20 under       2,660 
   Mar/May       2.70 under to 5.10 under         755 
   May/Jul       1.30 under to 3.00 under         189 
   Jul/Nov       35.00 over to 31.10 over         167 
 

Source: Commodity News Service Canada

Write to Glen Hallick news@marketsfarm.com


(END) Dow Jones Newswires

08-18-22 1542ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) -0.27% 0.88057 Delayed Quote.-3.18%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) -0.01% 1.4714 Delayed Quote.-13.65%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.39% 104.983 Delayed Quote.15.68%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.07% 0.72207 Delayed Quote.0.28%
CORN FUTURES (ZC) - CBE (ELECTRONIC)/C1 0.34% 668.5 End-of-day quote.12.31%
CRUDE PALM OIL -0.15% 819.75 End-of-day quote.-25.72%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.06% 1.31795 Delayed Quote.-8.15%
LONDON BRENT OIL -1.39% 85.06 Delayed Quote.11.58%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) -0.18% 0.77093 Delayed Quote.-10.12%
S&P GSCI CRUDE OIL INDEX -1.36% 424.0928 Real-time Quote.1.93%
S&P GSCI SOY BEANS INDEX -0.20% 557.915 Real-time Quote.5.38%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.39% 426.6 End-of-day quote.5.08%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.37% 1.37762 Delayed Quote.8.53%
WHEAT FUTURES (ZW) - CBE (ELECTRONIC)/C1 1.52% 871 End-of-day quote.11.32%
WTI -1.61% 77.418 Delayed Quote.1.76%
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