ICE Closing Review: Tight Supplies, Dry Prairies Push Up Canola

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were stronger on Tuesday due to ongoing concerns about tight supplies and dry conditions across the Prairies.

A trader commented the rolling out of the November contract into January was a major feature in today's trading. He added that crushers and other buyers are worried about the small amount of canola available on the market and are buying as much as they can.

Additional support came from increases in European rapeseed and on the Chicago soy complex. Some pressure came from slightly lower Malaysian palm oil values.

At mid-afternoon the Canadian dollar was a pinch higher with the loonie at 80.87 U.S. cents, compared to Monday's close of 80.81.

There were 36,426 contracts traded on Tuesday, which compares with Monday when 19,758 contracts changed hands.

Spreading accounted for 25,506 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

             Price     Change

Canola

   Nov       937.80    up 16.70
   Jan       932.20    up 16.90
   Mar       917.80    up 17.70
   May       892.70    up 17.50

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

   Months             Prices                 Volume
   Nov/Jan       6.00 over to 2.20 over       4,723
   Nov/Mar       21.10 over to 16.00 over       310
   Nov/May       43.20 over to 42.90 over        11
   Nov/Jul       70.00 over                     150
   Nov/Nov       214.00 over                     14
   Jan/Mar       15.80 over to 11.40 over     3,503
   Jan/May       34.40 over                       1
   Jan/Jul       75.50 over to 63.70 over       133
   Mar/May       27.50 over to 22.20 over     2,760
   Mar/Jul       57.30 over to 52.10 over       119
   Mar/Nov       190.30 over to 185.50 over     100
   May/Jul       33.70 over to 28.60 over       612
   Jul/Nov       137.40 over to 132.60 over     311
   Nov/Jan       9.70 over                        1
   Jan/Mar       2.60 over                        5

Source: Commodity News Service Canada

Write to Glen Hallick at news@marketsfarm.com


  (END) Dow Jones Newswires
  10-19-21 1537ET
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