ICE Review: Canola Mostly Lower on Thursday

WINNIPEG, Manitoba--The ICE Futures canola market was mostly weaker at Thursday's close, but off its lows for the session after uncovering some support to the downside.

Sharp strength in the Canadian dollar accounted for some selling pressure in canola. Speculative long liquidation also weighed on prices in early activity.

However, ongoing drought concerns across Western Canada, with forecasts calling for more heat and dryness over the next week, remained supportive.

Gains in Chicago Board of Trade soybeans and soyoil also underpinned canola.

About 13,960 canola contracts traded on Thursday, which compares with Wednesday when 16,948 contracts changed hands.

Spreading accounted for 7,868 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

            Price       Change

Canola

   Nov       878.40    dn 4.60
   Jan       865.20    dn 4.00
   Mar       850.80    dn 4.00
   May       831.40    dn 3.30

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

   Months             Prices                Volume

Canola

   Nov/Jan       14.70 over to 11.80 over    1,269
   Nov/Mar       29.50 over to 26.00 over      146
   Nov/Jul       69.30 over                      1
   Nov/Nov       212.50 over to 210.60 over      2
   Jan/Mar       15.00 over to 13.30 over    1,378
   Jan/May       34.20 over to 33.50 over       14
   Jan/Nov       206.00 over to 203.50 over    300
   Mar/May       20.80 over to 18.70 over      657
   Mar/Jul       44.50 over                      1
   May/Jul       25.70 over to 24.50 over      162
   Jul/Nov       149.70 over to 143.70 over      4

Source: Commodity News Service Canada

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


  (END) Dow Jones Newswires
  07-29-21 1530ET
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