WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Thursday, underpinned by solid demand and gains in outside markets.
European rapeseed and Malaysian palm oil futures both set fresh contract highs overnight. Chicago Board of Trade soyoil futures were also stronger.
Seasonal harvest pressure did temper the upside, with relatively favorable weather conditions across the Prairies allowing farmers to make quick progress. However, the continued dryness was already leading to concerns over the 2022 crop after the drought of 2021 cut into yields.
Strength in the Canadian dollar and ideas that canola remains overpriced compared to other oilseeds also weighed on values.
About 19,134 canola contracts traded on Thursday, which compares with Wednesday when 26,769 contracts changed hands.
Spreading was a feature, accounting for 13,412 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Nov 876.90 up 9.50
Jan 868.40 up 8.10
Mar 858.90 up 7.30
May 842.00 up 5.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Nov/Jan 8.90 over to 5.90 over 2,486
Nov/Mar 18.50 over to 15.00 over 596
Nov/May 34.40 over to 30.50 over 104
Nov/Jul 50.80 over to 50.60 over 3
Nov/Nov 171.90 over to 170.00 over 10
Jan/Mar 10.00 over to 8.20 over 1,361
Jan/May 25.90 over to 24.20 over 248
Mar/May 17.30 over to 14.10 over 1,235
Mar/Jul 39.60 over to 35.10 over 316
May/Jul 22.50 over to 20.10 over 262
Jul/Nov 119.90 over to 112.20 over 65
Nov/Jan 10.00 over 20
Source: Commodity News Service Canada
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(END) Dow Jones Newswires