ICE Review : Canola Up With Pre-Weekend Positioning

WINNIPEG, Manitoba--The ICE Futures canola market was stronger Friday, boosted by chart-based buying as speculators adjusted positions ahead of the long weekend.

The canola market will be closed Monday, Feb. 20, for Louis Riel Day, while markets in the U.S. will be closed for Presidents Day.

Strength in Malaysian palm oil and European rapeseed futures provided spillover support for canola, with Chicago soybeans also up on the day. However, losses in soyoil did temper the gains in canola to some extent.

Weekly Canadian canola exports of 181,800 metric tons during the week ended Feb. 12 were down by 13% from the previous week, although crop-year-to-date exports of 4.69 million tons remain well ahead of the 3.60 million moved by the same point the previous year.

About 31,794 canola contracts traded Friday, which compares with Thursday, when 44,049 contracts changed hands. Spreading accounted for 15,762 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
               Price    Change 
Canola    Mar  828.40  up 4.90 
          May  820.30  up 2.10 
          Jul  818.10  up 2.30 
          Nov  800.30  up 1.70 
 

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

 
                             Prices              Volume 
          Mar/May   8.90 over  to  4.10 over      3,086 
          Mar/Jul   9.70 over  to  8.50 over         47 
          May/Jul   3.20 over  to  1.30 over      3,358 
          May/Nov  21.10 over                         1 
          Jul/Nov  18.90 over  to 16.50 over      1,315 
          Nov/Jan   4.70 under to  5.70 under        74 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

02-17-23 1527ET