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ICE Closing Review : Canola Limit Up Through Most of Trading

07/12/2021 | 03:45pm EDT

WINNIPEG--Intercontinental Exchange canola futures remained higher by the expanded daily limit of C$45 per metric ton Monday that also saw sparse trading volumes.

The rising heat and dry temperatures across the Prairies continued to propel canola prices higher. Grave concerns over tightening supplies have kept price rationing in the market to curb demand.

There was additional support from strong increases in the Chicago soy complex as well as European rapeseed. Malaysian palm oil values experienced small declines.

The U.S. Department of Agriculture in its oilseed report cut its estimate of Canadian canola production from 2020/21 to 2021/22 by 5.9% from its June report at 19.0 million metric tons. The USDA raised Canada's exports by almost 4% at 10.5 million metric tons. Ending stocks, which are somewhat higher than those from Agriculture and Agri-food Canada, were increased 12.4% at 1.18 million metric tons.

The Canadian dollar was relatively steady, with the loonie at 80.21 U.S. cents at mid-afternoon compared with Friday's close of 80.15.

There were 7,329 contracts traded Monday, which compares with Friday, when 16,081 contracts changed hands. Spreading accounted for 2,092 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

               Price     Change 
Canola    Nov  889.00  up 45.00 
          Jan  881.30  up 45.00 
          Mar  869.40  up 45.00 
          May  849.10  up 45.00 

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

          Months             Prices             Volume 
          Nov/Jan   12.80 over to   8.50 over      626 
          Nov/Mar   27.10 over to  24.00 over       29 
          Jan/Mar   16.40 over to  12.40 over      105 
          Mar/May   22.00 over to  17.60 over       26 
          May/Jul   27.00 over to  22.70 over      247 
          Jul/Nov  139.20 over to 130.00 over       13 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

07-12-21 1544ET

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