ICE Canola Midday: November's Expiry Pushing Down Prices

Intercontinental Exchange (ICE) canola prices remained lower at midday Friday following yesterday's losses as the expiry of the November options draw closer.

"The liquidation in the November continues to accelerate," said a trader, noting that its open interest is rapidly declining.

He added there has been profit-taking by some of the spec funds after the rally pushed canola prices far above C$900 per tonne.

"I don't think the big specs are doing anything yet," the trader said, but suggested there will likely be a lot of movement next week.

Also weighing on values was weakness in Chicago soyoil, Malaysian palm oil and European rapeseed.

The Canadian dollar was down with the loonie at 80.79 U.S. cents compared to Thursday's close of 80.97.

About 15,400 canola contracts were traded as of 11:46 ET.

Prices in Canadian dollars per metric tonne at 11:46 ET:

   Price Change

Nov 924.10 dn 13.30
Jan 918.10 dn 9.30
Mar 902.50 dn 9.80
May 876.10 dn 10.80

  (END) Dow Jones Newswires
  10-22-21 1212ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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