WINNIPEG--Intercontinental Exchange canola futures were stronger Wednesday as they finished at the daily limit in the July, November and January contracts. The March contract also reached the upper limit but stepped back a little.
Prairie weather forecasts have called for increased temperatures and very little rain. As crops suffer from stress, the benefits from this month's rains have dried up, with more precipitation desperately needed to replenish waning soil moisture levels. Added support came from significant gains in Chicago soyoil and European rapeseed. Declines in Chicago soybeans and soymeal did little to stem the rising tide of prices.
A stronger Canadian dollar also did little to impede canola. The loonie rose to 81.27 U.S. cents compared with Tuesday's close of 80.93.
Meanwhile, Nutrien has denied any partnership with BHP, despite recent reports the mining companies negotiating a partnership of the latter's C$5.7 billion mine near Jansen, Sask., that's still under construction.
There were 23,467 contracts traded on Wednesday, which compares with Tuesday, when 14,340 contracts changed hands. Spreading accounted for 6,238 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Jul 772.30 up 30.00
Nov 737.90 up 30.00
Jan 739.60 up 30.00
Mar 734.00 up 27.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 57.00 over to 31.90 over 844
Jul/Jan 29.60 over 5
Jul/Mar 47.10 over to 38.00 over 2
Jul/Jul 53.70 over 1
Nov/Jan 2.70 over to 1.20 under 1,690
Nov/Mar 6.40 over 2
Nov/May 10.20 over to 5.20 over 13
Nov/Jul 15.00 over to 13.30 over 13
Jan/Mar 6.70 over to 2.60 over 319
Mar/May 6.00 over to 3.20 over 183
May/Jul 8.10 over to 5.90 over 32
Jul/Nov 100.00 over to 85.00 over 15
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-23-21 1544ET
