ICE Review: Canola Continues Lower

WINNIPEG, Manitoba--The ICE Futures canola market was weaker for the third-straight session on Tuesday, taking some direction from Chicago Board of Trade soybeans.

Recent rains across Western Canada have helped take some of the weather premium out of the market.

However, the downtrend was showing signs of slowing down, as the forecasts turn hotter and the crops will still need more moisture going forward.

Weakness in the Canadian dollar, which tested support at the psychological 82 U.S. cents level, was also supportive.

About 12,064 canola contracts traded on Tuesday, which compares with Monday when 17,688 contracts changed hands.

Spreading accounted for 4,822 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

             Price      Change

Canola

   Jul       845.90    dn 7.80
   Nov       724.20    dn 3.40
   Jan       725.70    dn 3.10
   Mar       723.00    dn 3.10

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

   Months                Prices                   Volume

Canola

   Jul/Nov       127.00 over to 118.50 over       687
   Jul/Jan       122.70 over to 118.80 over       185
   Nov/Jan       0.90 over to 1.70 under        1,374
   Jan/Mar       3.30 over to 2.60 over           138
   Mar/May       4.30 over to 3.10 over            23
   May/Jul       6.70 over                          2
   Jul/Nov       100.00 over                        2

Source: Commodity News Service Canada

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


  (END) Dow Jones Newswires
  06-15-21 1538ET
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