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ICE Review : Lower Edible Oils Pull Down Canola

11/19/2021 | 03:31pm EST

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were lower on Friday, due to weakness in other edible oils. In particular, Chicago soyoil and European rapeseed, which were down hard today.

Losses in canola were tempered by gains in Chicago soymeal, as well as tight supplies and price rationing. Rolling out of the January contract remained a feature in canola trading.

A backlog of grain vessels and train cars continued to build up on either side of Vancouver. Washed out rail lines remain closed for the time being, but in excess of 200,000 tons of grain in cars has built up so far. However, with grain exports being generally lower this marketing year, the impact of the blockages is not as severe as it could be.

At mid-afternoon the Canadian dollar was lower in light of a stronger United States dollar. The loonie was at 79.04 U.S. cents, compared to Thursday's close of 79.27.

There were 29,432 contracts traded on Friday, which compares with Thursday when 20,655 contracts changed hands. Spreading accounted for 21,224 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
                      Price     Change 
 
Canola    Jan      1,005.60    dn 8.50 
 
          Mar        981.50    dn 9.90 
 
          May        950.50    dn 9.50 
 
          Jul        914.70    dn 7.40 
 

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

 
Months    Prices                      Volume 
 
Jan/Mar   28.00 over to 20.60 over     5,017 
 
Jan/May   61.30 over to 52.00 over        10 
 
Jan/Jul   99.40 over to 88.00 over       178 
 
Jan/Nov  180.00 over to 178.90 over        9 
 
Mar/May   37.70 over to 30.10 over     2,631 
 
Mar/Jul   67.90 over to 66.60 over       319 
 
Mar/Nov  160.70 over to 156.60 over      609 
 
May/Jul   40.70 over to 35.60 over       704 
 
May/Nov  126.20 over to 123.70 over      614 
 
Jul/Nov   89.80 over to 82.30 over       360 
 
Nov/Jan    1.80 over to 0.90 under       161 
 

Source: Glen Hallick, Commodity News Service Canada

(END) Dow Jones Newswires

11-19-21 1530ET

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