ICE Closing Review: Canola Turns Lower in Final Trading Hour

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures turned lower on Thursday, unable to fend off the downward pressure from declines in Chicago soyoil.

Saskatchewan Agriculture issued its weekly crop report this afternoon, citing the province-wide harvest of all major crops was at 74 percent complete. The combining of canola was at 54 percent finished.

A trader said canola is very likely to continue trading sideways until there is fresh news. He suggested that if the seasonal rains in drought-stricken Brazil fail to materialize in the near future, that would push up soyoil and spillover into canola.

At mid-afternoon the Canadian dollar was lower and helped to temper losses in canola. The loonie was at 78.86 U.S. cents, compared to Wednesday's close of 79.05.

There were 22,842 contracts traded on Thursday, which compares with Wednesday when 35,548 contracts changed hands.

Spreading accounted for 18,442 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

            Price       Change

Canola

   Nov       875.50    dn 4.30
   Jan       867.50    dn 4.30
   Mar       854.40    dn 4.20
   May       836.60    dn 5.00

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

   Months                Prices               Volume
   Nov/Jan       8.80 over to 7.50 over       3,250
   Nov/Mar       22.10 over to 19.60 over     1,062
   Nov/May       39.00 over to 38.00 over        12
   Jan/Mar       13.80 over to 11.70 over     1,654
   Jan/May       31.00 over to 29.00 over     1,206
   Mar/May       17.80 over to 16.00 over     1,577
   Mar/Jul       40.00 over                       4
   May/Jul       23.40 over to 21.30 over       402
   Jul/Nov       124.90 over to 115.00 over      54

Source: Commodity News Service Canada

Write to Glen Hallick at news@marketsfarm.com


  (END) Dow Jones Newswires
  09-16-21 1532ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.