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ICE Review : Canola Drops With Soyoil

06/16/2021 | 04:01pm EDT

WINNIPEG, Manitoba--The ICE Futures canola market was sharply weaker on Wednesday, as limit-down losses in Chicago Board of Trade soyoil spilled over to weigh on prices.

Malaysian palm oil dropped four percent in overnight activity, which was bearish for vegetable oil markets in general.

Recent rains across Western Canada have helped take some of the weather premium out of the market, although more moisture will be needed within the next two weeks.

Tight old crop supplies and weakness in the Canadian dollar provided some underlying support.

About 18,231 canola contracts traded on Wednesday, which compares with Tuesday when 12,064 contracts changed hands.

Spreading accounted for 5,110 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
              Price    Change 

Canola

   Jul       817.10    dn 28.80 
   Nov       696.40    dn 27.80 
   Jan       697.90    dn 27.80 
   Mar       695.30    dn 27.70 
 

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

 
   Months             Prices                  Volume 

Canola

   Jul/Nov       123.30 over to 101.00 over      770 
   Jul/Jan       120.00 over to 112.40 over       17 
   Nov/Jan       0.20 under to 1.90 under      1,516 
   Jan/Mar       3.20 over to 2.30 over          239 
   May/Jul       6.70 over to 6.70 over           10 
   Jul/Nov       96.00 over to 88.00 over          3 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at news@marketsfarm.com

(END) Dow Jones Newswires

06-16-21 1600ET

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