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ICE Closing Review : Canola Prices Higher, But No Limit Up Finish

07/13/2021 | 03:47pm EDT

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures finished higher on Tuesday, but down from much larger gains due to profit-taking.

During the overnight session, the November and January positions hit new contract highs when they peaked at the expanded daily limit of C$60 per tonne. That higher limit also opened the way for a sharp jump in trading volumes.

ICE dropped the limit to C$45 per tonne for Wednesday's trading.

The ongoing hot temperatures and drought on the Prairies has caused a good amount of crop stress, including canola.

With already very tight supplies of the Canadian oilseed, price rationing in the market has been attempting to stymie demand. A harvest very likely to fall well short of the initial projections has further compounded the situation.

Gains in the Chicago soy complex provided additional support for canola, as did increases in European rapeseed and Malaysian palm oil.

Weakness in the Canadian dollar was also supportive, with the loonie at 79.90 U.S. cents at mid-afternoon compared to Monday's close of 80.19.

There were 32,899 contracts traded on Tuesday, which compares with Monday when 7,329 contracts changed hands.

Spreading accounted for 8,464 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price      Change 

Canola

   Nov       916.80     up 27.80 
   Jan       907.60     up 26.30 
   Mar       892.50     up 23.10 
   May       872.60     up 23.50 
 

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

 
   Months             Prices                Volume 
   Nov/Jan    14.40 over to 8.30 over       2,845 
   Nov/Mar    29.50 over to 24.80 over         60 
   Nov/May    48.20 over to 45.40 over         58 
   Nov/Nov    226.00 over to 218.40 over       22 
   Jan/Mar    15.90 over to 13.40 over        638 
   Jan/May    35.00 over                       27 
   Mar/May    23.90 over to 16.20 over        252 
   May/Jul    29.50 over to 25.00 over        272 
   Jul/Nov    155.00 over to 134.40 over       46 
   Nov/Jan    18.00 over to 17.90 over          7 
   Jan/Mar    10.00 over                        5 
 

Source: Commodity News Service Canada

Write to Glen Hallick at news@marketsfarm.com

(END) Dow Jones Newswires

07-13-21 1547ET

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