ICE Closing Review: Front Months Overcome Earlier Losses

WINNIPEG--Intercontinental Exchange canola futures were slightly lower in the most actively traded contracts Friday, with small gains in the more deferred positions.

Canola began the day with losses, but worked its way upward as Chicago soyoil values also stepped well away from their lows.

European rapeseed was higher in its front months and Malaysian palm oil incurred small declines.

Alberta reported the harvest of its major crops reached 60.5% complete as of Sept. 14 for a gain of 18 points. The province-wide canola harvest came in at 33% finished. Warm temperatures over the weekend will provide the opportunity for good progress in the Prairie harvest.

At six weeks into the 2021/22 marketing year, the Canadian Grain Commission reported that canola exports of 297,000 metric tons have fallen 75% from a year ago.

At mid-afternoon the Canadian dollar was lower, with the loonie at 78.48 U.S. cents, compared with Thursday's close of 78.90.

There were 22,259 contracts traded on Friday, which compares with Thursday, when 22,842 contracts changed hands. Spreading accounted for 18,128 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

              Price    Change

Canola   Nov  873.30  dn 1.80
         Jan  866.30  dn 1.20
         Mar  854.10  dn 0.30
         May  837.40  up 0.80

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

        Months             Prices              Volume

        Nov/Jan    8.00 over to   5.70 over     4,327
        Nov/Mar   21.00 over to  18.10 over       157
        Nov/May   36.90 over to  36.10 over        18
        Nov/Jul   55.00 over                        5
        Nov/Nov  175.90 over                        1
        Jan/Mar   13.50 over to  10.80 over     2,664
        Jan/May   29.40 over                      294
        Jan/Jul   50.10 over to  47.00 over        15
        Mar/May   17.80 over to  15.10 over       788
        Mar/Jul   39.00 over to  36.00 over        35
        May/Jul   23.40 over to  19.30 over       748
        Jul/Nov  117.00 over to 108.90 over        12

Source: Commodity News Service Canada,

  (END) Dow Jones Newswires
  09-17-21 1539ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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