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ICE Review: Old Crop Down Hard, New Crop Pushes Higher

01/24/2022 | 03:31pm EDT

WINNIPEG--Intercontinental Exchange canola futures stepped well back in the old crop months on Monday, while the new crop positions were moderately higher.

Pressure from sharp declines in Chicago soybeans and soyoil, as well as European rapeseed weakened canola. A significant downturn in global crude oil prices spurred the retreat in most veg oils. However, Malaysian palm oil saw increases Monday.

Agriculture and Agri-Food Canada has called for a turnaround in crop production in 2022/23, provided there are good growing conditions.

The Canadian dollar was weaker at midafternoon, with the loonie at 79.03 U.S. cents, compared wioth Friday's close of 79.71.

There were 30,310 contracts traded Monday, which compares with Friday, when 24,336 contracts changed hands. Spreading accounted for 18,780 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

              Price   Change 
Canola   Mar 995.90  dn 26.40 
         May 985.50  dn 23.60 
         Jul 959.50  dn 17.90 
         Nov 832.40  up  5.00 

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

    Months            Prices               Volume 
   Mar/May   16.30 over to   8.20 over      5,554 
   Mar/Jul   50.00 over to  37.00 over         16 
   May/Jul   34.60 over to  24.80 over      2,068 
   Jul/Nov  151.40 over to 126.20 over      1,457 
   Nov/Jan    5.20 over to   3.00 over        295 

Source: Commodity News Service Canada,

(END) Dow Jones Newswires

01-24-22 1531ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.33% 0.90899 Delayed Quote.-1.27%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) -0.04% 1.60624 Delayed Quote.-6.28%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -1.19% 98.756 Delayed Quote.9.58%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.89% 0.74834 Delayed Quote.5.43%
CRUDE PALM OIL 0.00% 1435.5 End-of-day quote.28.59%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.76% 1.37651 Delayed Quote.-5.69%
INTERCONTINENTAL EXCHANGE, INC. -0.86% 97.265 Delayed Quote.-28.27%
LONDON BRENT OIL 0.80% 113.72 Delayed Quote.44.68%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) 0.36% 0.82713 Delayed Quote.-4.79%
S&P GSCI CRUDE OIL INDEX -0.46% 601.6659 Real-time Quote.46.64%
S&P GSCI SOY BEANS INDEX 0.30% 671.761 Real-time Quote.25.97%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -1.56% 423.2 End-of-day quote.4.42%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.39% 1.28385 Delayed Quote.1.43%
WTI 0.32% 110.117 Delayed Quote.46.38%
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