WINNIPEG--The ICE Futures canola market was up sharply Friday, hitting fresh contract highs as bullish chart signals kept speculators on the buy side.
Gains in Chicago Board of Trade soybeans contributed to the firmer tone, although soyoil was softer on the day and the Canadian oilseed outpaced the U.S. market to the upside.
While there are some ideas that canola is looking overpriced, Canada's tight supply situation remained a supportive influence from a fundamental standpoint.
Strength in the Canadian dollar, which was up by roughly half of a cent relative to its U.S. counterpart, put some pressure on values.
About 20,913 canola contracts traded Friday, which compares with Thursday, when 17,885 contracts changed hands. Spreading accounted for 10,990 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Mar 1,035.10 up 11.80
May 1,013.30 up 11.70
Jul 962.70 up 10.20
Nov 797.10 up 10.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 23.40 over to 18.10 over 2,958 Mar/Jul 73.60 over to 69.00 over 557 Mar/Nov 243.10 over to 234.70 over 90 May/Jul 51.00 over to 48.60 over 1,420 May/Nov 221.50 over to 211.80 over 21 Jul/Nov 174.00 over to 161.40 over 405 Nov/Jan 8.00 over to 3.70 over 44
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-07-22 1542ET
