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ICE Review : Old Crop Canola Keeps Gains as Crude Oil Falls Back

12/01/2021 | 03:33pm EST

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures saw increases in the old crop months on Wednesday, while new crop positions closed slightly lower.

Support for edible oils from strong upticks in global crude oil prices evaporated by the close of the grain markets, which weakened edible oils.

Ahead of Friday's report from Statistics Canada, trade expectations for canola production are 11.5 million to 13 million tonnes. In September the federal agency pegged production at 12.78 million tonnes.

Railcar unloads at the Port of Vancouver dropped 87 percent during Week 16 of the marketing year, according to Quorum Corp.

The report took in account the stoppage in rail traffic due to the massive deluge of rain in southern British Columbia that severed ground links for a number of days.

At mid-afternoon the Canadian dollar was lower, with the loonie at 78.04 U.S. cents, compared to Tuesday's close of 78.17.

There were 19,346 contracts traded on Wednesday, which compares with Tuesday when 29,731 contracts changed hands.

Spreading accounted for 9,538 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

              Price    Change 


   Jan       994.30    up 7.20 
   Mar       967.30    up 7.30 
   May       930.20    up 6.00 
   Jul       884.40    up 4.80 

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

   Months             Prices                   Volume 
   Jan/Mar    31.20 over to 25.90 over          1,589 
   Jan/Jul    114.00 over                          21 
   Jan/Nov    239.80 over to 234.40 over            4 
   Mar/May    38.80 over to 35.00 over          2,141 
   Mar/Jul    82.60 over to 80.30 over             13 
   Mar/Nov    205.40 over to 203.60 over            3 
   May/Jul    47.30 over to 42.80 over            698 
   Jul/Nov    130.00 over to 120.00 over          272 
   Jul/Jan    130.00 over                          12 
   Nov/Jan    1.00 over                            16 

Source: Commodity News Service Canada

Write to Glen Hallick at news@marketsfarm.com

(END) Dow Jones Newswires

12-01-21 1533ET

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