ICE Closing Review : Canola Comes Back From Sharp Declines to Finish Mixed

07/22/2021 | 03:46pm

WINNIPEG--Intercontinental Exchange canola futures finished mixed on Thursday, after prices remained much lower for most of the session.

The turnaround followed the release of the weekly crop report from Saskatchewan Agriculture, which stated the province's crops continued to struggle under drought conditions. Province-wide, the canola crop rated only 18% good to excellent, which was countered by 46% poor to very poor.

Those areas of the Prairies that received rain over the last few days have seen crop stabilize, but improvements are extremely unlikely at their current stages of development.

With traders liquidating their long positions, profit-taking weighed on canola values. As did declines in the Chicago soy complex and European rapeseed and Malaysian palm oil.

The Canadian dollar was higher at mid-afternoon, with the loonie at 79.60 U.S. cents compared with Wednesday's close of 79.43.

There were 19,921 contracts traded Thursday, which compares with Wednesday, when 23,679 contracts changed hands. Spreading accounted for 5,964 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

 
                Price    Change 
 
Canola     Nov  881.30  up 1.40 
           Jan  866.70  dn 0.40 
           Mar  850.40  dn 1.60 
           May  831.70  dn 1.00 
 

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

 
      Months             Prices              Volume 
 
      Nov/Jan   16.20 over to  10.20 over     1,183 
      Nov/Mar   31.40 over to  24.20 over       104 
      Nov/May   47.40 over to  46.20 over         4 
      Nov/Jul   75.00 over to  72.70 over        12 
      Jan/Mar   16.90 over to  12.60 over     1,190 
      Jan/May   35.30 over to  34.20 over        80 
      Mar/May   19.90 over to  15.00 over       285 
      Mar/Jul   43.50 over                        1 
      May/Jul   25.90 over to  21.00 over       108 
      Jul/Nov  140.00 over to 123.60 over        15 
 
 

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

(END) Dow Jones Newswires

07-22-21 1545ET

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