ICE Review: Canola Nears Contract Highs

WINNIPEG--The ICE Futures canola market was stronger on Monday, boosted by spillover from gains in Chicago Board of Trade soyoil and Malaysian palm oil.

Bullish chart signals contributed to the gains, as prices neared major upside resistance.

Tight supplies remained another supportive influence, although demand is already being rationed at current price levels, according to participants. Recent strength in the Canadian dollar also weighed on values.

About 25,547 canola contracts traded on Monday, which compares with Friday when 31,715 contracts changed hands. Spreading accounted for 21,796 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change

Canola            Nov     948.80    up 19.10
                  Jan     943.50    up 18.20
                  Mar     928.60    up 16.70
                  May     900.90    up 14.20

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

Months              Prices              Volume

Nov/Jan    8.30  over to   4.50  over    5,417
Nov/Mar   21.50  over to  19.70  over      517
Nov/May   45.70  over                        1
Nov/Nov  215.50  over                        4
Jan/Mar   15.20  over to  11.50  over    3,163
Jan/May   41.90  over to  41.80  over        2
Jan/Jul   76.00  over to  73.00  over      112
Jan/Nov  222.00  over                        1
Mar/May   28.40  over to  24.80  over    1,012
Mar/Jul   63.30  over to  57.50  over      145
May/Jul   34.90  over to  31.00  over      461
Jul/Nov  147.10  over to 135.20  over       57
Nov/Jan    9.40  over                        6

Source: Commodity News Service Canada,

  (END) Dow Jones Newswires
  10-25-21 1539ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.