ICE Grain/Oilseed Review: Canola Comes Off Its Lows

WINNIPEG--Intercontinental Exchange canola futures finished weaker Friday, but came well off their lows and even made gains prior to the close.

A trader said the liquidation of the November contract will pick up the pace during the next week.

Losses in Chicago soyoil, European rapeseed and Malaysian palm oil weighed on values. Ongoing issues with very tight canola supplies underpinned prices. So did concerns that dry conditions from this year could carry on in 2022 if soil moisture levels fail to improve dramatically before spring planting.

At midafternoon, the Canadian dollar was slightly lower with the loonie at 80.86 U.S. cents, compared to Thursday's close of 80.97.

There were 31,715 contracts traded on Friday, which compares with Thursday when 31,106 contracts changed hands. Spreading accounted for 26,646 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Canola

      Price  Change
  Nov 929.70 dn 7.70
  Jan 925.30 dn 2.10
  Mar 911.90 dn 0.40

May 886.70 dn 0.20

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

   Months  Prices                    Volume

Nov/Jan 11.90 over to 4.10 over 4,877

   Nov/Mar  26.50 over to 18.20 over   413
   Nov/May  53.50 over to 43.50 over   170
   Nov/Jul  78.00 over                 150
   Nov/Nov 229.00 over                  13

Jan/Mar 16.50 over to 12.10 over 4,857

   Jan/May  39.70 over                   1
   Jan/Jul  75.50 over to 70.00 over   184

Mar/May 27.60 over to 24.00 over 1,566

   Mar/Jul  60.60 over to 56.10 over    54
   May/Jul  33.90 over to 30.40 over   859

Jul/Nov 137.90 over to 132.50 over 155

   Nov/Jan   8.30 over to 8.20 over     12
   Jan/Mar   2.60 over to 2.40 over     12

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


  (END) Dow Jones Newswires
  10-22-21 1725ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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