ICE Closing Review: Another Day of Gains for Canola

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were up on Wednesday, with spillover support from Chicago soybeans and soyoil, as well as other edible oils. However, canola prices backed away from earlier highs due to farmer hedging.

A trader said the updated canola forecast put forth by Statistics Canada on Monday should have been one million tonnes less than the 12.8 million the federal agency reported. He pointed to the lower canola yields reported by the Prairie Provinces compared to those used by Statistics Canada.

At mid-afternoon the Canadian dollar was higher, which tempered gains made in canola. The loonie was at 79.13 U.S. cents, compared to Tuesday's close of 78.98.

There were 35,548 contracts traded on Wednesday, which compares with Tuesday when 39,618 contracts changed hands.

Spreading accounted for 23,236 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                Price     Change


   Nov          879.80    up 7.50
   Jan          871.80    up 8.80
   Mar          858.60    up 8.70
   May          841.60    up 7.80

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

   Months                Prices              Volume
   Nov/Jan       9.80 over to 8.00 over       5,459
   Nov/Mar       24.50 over to 21.30 over     1,592
   Nov/May       40.50 over                       2
   Nov/Jul       63.90 over                      10
   Nov/Nov       199.00 over                     37
   Jan/Mar       14.70 over to 12.10 over     1,954
   Jan/May       29.00 over                       1
   Jan/Jul       54.30 over to 54.00 over         5
   Mar/May       18.40 over to 15.60 over       757
   Mar/Jul       25.00 over to 22.00 over       575
   May/Jul       24.10 over to 19.10 over     1,163
   Jul/Nov       125.20 over to 116.70 over      63

Source: Commodity News Service Canada

Write to Glen Hallick at

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  09-15-21 1534ET
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