ICE Review: Canola Futures Fall Despite Gains in Soy and Palm Oil
19/12/2022 (Markets Screener), WINNIPEG, Manitoba - The ICE Futures canola market had a significant drop to start the week as the holiday season approaches.
Chicago soyoil and Malaysian palm oil were higher, while European rapeseed was lower. Crude oil was trending in positive territory, affected by higher central bank interest rates and the easing of COVID-19 restrictions in China.
At mid-afternoon, the Canadian dollar gained two-tenths of a U.S. cent from Friday's close.
About 28,988 canola contracts were traded on Monday, which compares with Friday when 23,361 contracts changed hands. Spreading accounted for 16,978 of the contracts traded. Settlement prices are in Canadian dollars per metric ton.
Canola Prices Change
Jan 852.60 dn 10.70
Mar 845.90 dn 11.10
May 843.80 dn 8.40
Jul 841.50 dn 4.90
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Spread Volume
Jan/Mar 9.70 over to 0.10 over 3,772
Jan/Nov 41.60 over to 41.00 over 11
Mar/May 5.30 over to 1.50 over 2,454
Mar/Jul 11.00 over to 4.00 over 121
Mar/Nov 42.70 over to 36.40 over 237
May/Jul 6.10 over to 2.20 over 1,225
May/Nov 35.10 over to 33.50 over 101
Jul/Nov 32.50 over to 30.00 over 466
Nov/Jan 0.70 over to 0.10 over 102
Source: Commodity News Service Canada (news@marketsfarm.com)