ICE Review: Canola Up Sharply Ahead of Weekend

WINNIPEG--The ICE Futures canola market was up sharply Friday, finding spillover support from outside vegetable oil markets.

European rapeseed and Malaysian palm oil futures both set fresh contract highs overnight, with Chicago soyoil also posting solid gains.

Tight supplies and drought concerns were also supportive, although seasonal harvest pressure did temper those gains. Ideas that canola remains overpriced also weighed on prices.

Weekly data from the Canadian Grain Commission showed total canola exports through the first seven weeks of the 2021/ 22 crop year of 387,900 metric tons running nearly a million metric tons behind the previous year's pace.

About 22,772 canola contracts traded on Friday, which compares with Thursday when 19,134 contracts changed hands.

Spreading accounted for 14,752 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change

Canola            Nov     887.90    up 11.00
                  Jan     878.50    up 10.10
                  Mar     870.30    up 11.40
                  May     855.20    up 13.20


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

Months              Prices              Volume

Nov/Jan    9.70  over to   7.20  over    3,174
Nov/Mar   19.40  over to  16.50  over       87
Nov/May   32.80  over to  32.10  over        6
Nov/Nov  170.30  over                        1
Jan/Mar   10.00  over to   7.20  over    2,918
Jan/May   25.10  over to  23.10  over      234
Mar/May   18.30  over to  15.00  over      713
Mar/Jul   40.90  over to  37.50  over       65
May/Jul   24.50  over to  21.50  over      145
Jul/Nov  115.50  over to 113.20  over       13
Nov/Jan   10.00  over to   9.80  over       20


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


  (END) Dow Jones Newswires
  09-24-21 1556ET
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