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, email@example.com
(END) Dow Jones Newswires