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ICE Canola Correcting Lower Ahead of Weekend

01/21/2022 | 12:10pm EDT

WINNIPEG--The ICE Futures canola market was weaker at midday Friday, seeing a modest correction after climbing sharply higher the previous two sessions.

Speculators were behind much of the activity, adjusting their positions and booking profits ahead of the weekend.

Losses in Chicago Board of Trade soybeans put some spillover pressure on the Canadian oilseed. However, gains in soyoil provided some underlying support. Malaysian palm oil was also up overnight, while European rapeseed futures were mixed on the day.

The Canadian dollar was slightly softer, helping temper the declines in canola. While export demand is being rationed at current price levels, solid demand from domestic crushers remained supportive as well.

About 12,600 canola contracts traded as of 11:38 a.m. EST.

Prices in Canadian dollars per metric ton at 11:38 a.m. EST:

                          Price      Change 
Canola            Mar   1,012.70    dn  9.30 
                  May   1,000.20    dn  5.20 
                  Jul     964.90    dn  3.50 
                  Nov     820.90    dn  5.00 

Source: Commodity News Service Canada,

(END) Dow Jones Newswires

01-21-22 1209ET

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.40% 0.91034 Delayed Quote.-1.07%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) -0.26% 1.60741 Delayed Quote.-5.73%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.38% 99.861 Delayed Quote.9.25%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) 0.25% 0.75151 Delayed Quote.3.89%
CRUDE PALM OIL -0.41% 1446.75 End-of-day quote.31.44%
EURO / CANADIAN DOLLAR (EUR/CAD) -0.40% 1.36554 Delayed Quote.-4.53%
LONDON BRENT OIL 1.52% 119.2 Delayed Quote.50.58%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) 0.45% 0.83155 Delayed Quote.-4.20%
S&P GSCI SOY BEANS INDEX 0.33% 687.7412 Real-time Quote.29.34%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.14% 433.1 End-of-day quote.4.01%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.00% 1.2724 Delayed Quote.1.11%
WTI 0.94% 115.083 Delayed Quote.51.34%
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