WINNIPEG--The ICE Futures canola market was up sharply Friday, finding spillover support from outside vegetable oil markets.
European rapeseed and Malaysian palm oil futures both set fresh contract highs overnight, with Chicago soyoil also posting solid gains.
Tight supplies and drought concerns were also supportive, although seasonal harvest pressure did temper those gains. Ideas that canola remains overpriced also weighed on prices.
Weekly data from the Canadian Grain Commission showed total canola exports through the first seven weeks of the 2021/22 crop year of 387,900 metric tons running nearly a million metric tons behind the previous year's pace.
About 22,772 canola contracts traded on Friday, which compares with Thursday when 19,134 contracts changed hands.
Spreading accounted for 14,752 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change Canola Nov 887.90 up 11.00 Jan 878.50 up 10.10 Mar 870.30 up 11.40 May 855.20 up 13.20
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 9.70 over to 7.20 over 3,174 Nov/Mar 19.40 over to 16.50 over 87 Nov/May 32.80 over to 32.10 over 6 Nov/Nov 170.30 over 1 Jan/Mar 10.00 over to 7.20 over 2,918 Jan/May 25.10 over to 23.10 over 234 Mar/May 18.30 over to 15.00 over 713 Mar/Jul 40.90 over to 37.50 over 65 May/Jul 24.50 over to 21.50 over 145 Jul/Nov 115.50 over to 113.20 over 13 Nov/Jan 10.00 over to 9.80 over 20
Source: Commodity News Service Canada, email@example.com
(END) Dow Jones Newswires