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ICE Review : Canola Turns Higher by the Close

07/26/2021 | 04:02pm EDT

WINNIPEG--The ICE Futures canola market was stronger at Monday's close, recovering from earlier losses amid ongoing Prairie weather concerns.

While light shower activity was reported in some parts of the Prairies, any moisture at this time will only stabilize the crop and won't be enough to boost production.

A trader said uncertainty over the size of this year's canola crop, given the drought conditions in many areas, kept some caution in the futures with participants unsure what price level was needed to ration demand.

Early declines in Chicago Board of Trade soybeans put some spillover pressure on canola, but soybeans and soyoil were both higher on the day.

About 11,496 canola contracts traded on Monday, which compares with Friday, when 14,528 contracts changed hands. Spreading accounted for 4,256 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change 
Canola            Nov     896.40    up 13.00 
                  Jan     880.90    up 13.50 
                  Mar     862.80    up 12.70 
                  May     843.30    up 12.50 

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

Months              Prices              Volume 
 Nov/Jan  18.00  over to  12.60  over    1,016 
 Nov/Mar  34.30  over to  31.00  over      205 
 Nov/May  52.30  over to  51.00  over        5 
 Nov/Jul  78.00  over                       12 
 Nov/Nov 214.80  over to 210.80  over        4 
 Jan/Mar  18.50  over to  16.20  over      521 
 Mar/May  19.80  over to  17.40  over      187 
 Mar/Jul  44.30  over to  44.00  over       17 
 May/Jul  25.00  over to  22.50  over      109 
 Jul/Nov 136.70  over to 136.20  over       52 

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

(END) Dow Jones Newswires

07-26-21 1601ET

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