ICE Grain/Oilseed Review : Canola Rises Further on Spillover Gains

WINNIPEG--Intercontinental Exchange canola futures continued higher Wednesday, getting more spillover from gains in other edible oils.

The Chicago soy complex saw soyoil push well over two cents per bushel in the nearby contracts, while soybeans had double- digit gains and soymeal was up moderately. The rally in European rapeseed carried on and there were increases in Malaysian palm oil.

An analyst said it is possible that canola could break through the C$1,000 per-metric-ton level again, especially with tight supplies and low production off of the Prairies.

At midafternoon, the Canadian dollar was higher with the loonie at 81.23 U.S. cents, compared to Tuesday's close of 80.93.

There were 36,030 contracts traded Wednesday, which compares with Tuesday when 36,426 contracts changed hands. Spreading accounted for 23,748 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Price Change

Canola

Nov 949.30 up 11.50

Jan 944.60 up 12.40

Mar 927.30 up 9.50

May 899.90 up 7.20

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

 
   Months   Prices                    Volume 
   Nov/Jan    5.60 over to 2.70 over  5,454 
   Nov/Mar   22.00 over to 18.60 over   455 
   Nov/Jul   78.50 over                  14 
   Nov/Nov  214.00 over                  86 
   Jan/Mar   17.70 over to 13.90 over 3,296 
   Jan/May   43.90 over to 43.50 over     2 
   Jan/Jul   75.40 over to 72.20 over   187 
   Mar/May   28.20 over to 25.60 over 1,169 
   Mar/Jul   60.00 over to 57.50 over   136 
   May/Jul   32.80 over to 30.50 over   839 

Jul/Nov 144.80 over to 136.00 over 236

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

10-20-21 1543ET