ICE Review : Canola Firm, But Well Off Session Highs

WINNIPEG, Manitoba--The ICE Futures canola market held onto small gains Wednesday, but settled well off its highs for the day after profit-taking came forward to weigh on values.

Spillover buying interest from soybeans and soyoil at the Chicago Board of Trade provided support, with European rapeseed and Malaysian palm oil also stronger on the day.

Ongoing concerns over tight supplies and the need to ration demand remained supportive, although ideas that canola prices may be high enough for the time being tempered the upside.

About 14,820 canola contracts traded on Wednesday, which compares with Tuesday when 18,802 contracts changed hands.

Spreading accounted for 7,318 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
               Price     Change 

Canola

   Mar       1,023.00    up 1.60 
   May       1,000.70    up 2.30 
   Jul       952.00      up 2.00 
   Nov       785.90      up 0.90 
 

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

 
   Months                Prices             Volume 
   Mar/May    23.40 over to 20.50 over       2,053 
   Mar/Jul    73.80 over to 66.80 over          96 
   Mar/Nov    240.00 over to 227.40 over       274 
   May/Jul    51.30 over to 45.80 over         873 
   May/Nov    209.50 over to 205.70 over        12 
   Jul/Nov    168.90 over to 158.30 over       351 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at [e-mail]

(END) Dow Jones Newswires

01-05-22 1532ET