ICE Review: Canola Sets Fresh Contract Highs

WINNIPEG--The ICE Futures canola market was stronger Tuesday, setting fresh contract highs as bullish chart signals provided support.

Canola had started the day on the defensive, but the early profit-taking quickly faded and speculators returned to the buy side.

Tight supplies and the need to ration demand contributed to the firmer tone in canola.

However, choppy activity in the Chicago Board of Trade soy complex kept some caution in the market. Soyoil was weaker at the close while soybeans held within a narrow range. Ideas that canola is looking overpriced at current levels also tempered the advances.

About 29,642 canola contracts traded on Tuesday, which compares with Monday, when 25,547 contracts changed hands. Spreading accounted for 21,636 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

                          Price      Change

Canola            Nov     961.40    up 12.60
                  Jan     954.60    up 11.10
                  Mar     937.20    up  8.60
                  May     908.70    up  7.80


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

Months              Prices              Volume

Nov/Jan    7.00  over to   4.50  over    2,228
Nov/Mar   21.30  over to  20.90  over        5
Nov/May   48.90  over to  46.90  over       21
Nov/Jul   83.40  over to  82.50  over      150
Jan/Mar   17.70  over to  13.50  over    4,949
Jan/May   45.60  over to  40.40  over       10
Jan/Jul   76.90  over to  75.30  over       47
Mar/May   29.40  over to  26.50  over    1,530
Mar/Jul   64.70  over to  61.40  over      386
Mar/Jan  222.00  over                        1
May/Jul   37.20  over to  33.40  over      959
May/Nov  181.40  over to 179.40  over      320
Jul/Nov  155.90  over to 140.30  over      211
Nov/Jan    8.10  over                        1


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


  (END) Dow Jones Newswires
  10-26-21 1547ET
  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.