ICE Review: Canola Settles Narrowly Mixed

WINNIPEG, Manitoba--The ICE Futures canola market was narrowly mixed at Friday's close, with small losses in the nearby November contract and a firmer tone in the more deferred months as traders squared positions ahead of the Thanksgiving long weekend.

Early gains Chicago Board of Trade soyoil and soybean futures had provided some underlying support for canola. However, the soy complex retreated to post losses as the day progressed.

Strength in the Canadian dollar was also bearish for canola, as the currency climbed well above 80 U.S. cents. The rising currency cuts into the already soft crush margins and makes exports more expensive for global buyers.

Canadian markets will be closed Monday for Thanksgiving. U.S. markets will trade their usual hours, although some U.S. government offices will be closed for Columbus Day.

About 21,729 canola contracts traded on Friday, which compares with Thursday when 28,978 contracts changed hands. Spreading accounted for 17,618 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

                          Price      Change

Canola            Nov     926.90    dn  0.40

                  Jan     915.70    up  0.10

                  Mar     902.50    up  1.40

                  May     881.60    up  2.10

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

Months        Prices                    Volume

Nov/Jan  12.80  over to  10.50  over    4,209

Nov/Mar  26.40  over to  24.50  over      629

Nov/Nov 188.80  over to 188.00  over       56

Jan/Mar  15.00  over to  12.60  over    1,767

Jan/May  34.00  over                       93

Mar/May  23.10  over to  20.60  over    1,349

Mar/Jul  45.30  over to  43.50  over       70

May/Jul  23.80  over to  22.30  over      505

Jul/Nov 123.80  over to 119.80  over      131

Source: Commodity News Service Canada,

  (END) Dow Jones Newswires
  10-08-21 1601ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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