ICE Grain/Oilseed Review: Canola Settles With Small Gains After Choppy Day

WINNIPEG--The ICE Futures canola market settled with small gains on Wednesday after trading to both sides of unchanged in choppy activity.

The Chicago Board of Trade soy complex was also mixed, providing little direction for the canola market.

While seasonal harvest pressure was somewhat bearish, disappointing yields and the small production prospects remained supportive.

Canadian canola ending stocks for 2020-21 were pegged at 1.77 million metric tons by Statistics Canada in a report released Wednesday morning. That would be roughly half of the previous year's carryout, but still well above pre-report trade estimates.

About 25,651 canola contracts traded on Wednesday, which compares with Tuesday when 18,038 contracts changed hands. Spreading accounted for 17,168 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

                          Price     Change
Canola            Nov     881.50    up  1.40
                  Jan     866.10    up  1.60
                  Mar     848.70    up  2.80
                  May     829.10    up  3.80

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

Months        Prices                    Volume
Canola
Nov/Jan  17.50  over to  14.40  over    3,609
Nov/Mar  35.80  over to  32.00  over      486
Nov/Jul  75.00  over                        5
Nov/Nov 212.90  over to 211.00  over       53
Jan/Mar  20.80  over to  17.20  over    1,978
Jan/May  41.20  over to  41.00  over      100
Jan/Jul  64.80  over to  62.80  over      346
Mar/May  21.90  over to  19.20  over    1,149
Mar/Jul  45.80  over to  43.90  over      117
May/Jul  24.80  over to  22.80  over      732
Jul/Nov 139.90  over to 131.50  over        9

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


  (END) Dow Jones Newswires
  09-08-21 1551ET
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