ICE Review: Canola Falls to Lowest Levels in Two Weeks on Speculative Selling

WINNIPEG, Manitoba--The ICE Futures canola market was weaker, settling at its weakest levels in two weeks.

Speculative selling was a feature Friday as fund traders liquidated long positions.

Losses in Chicago soyoil and a firmer tone in the Canadian dollar contributed to the bearish tone in canola.

The canola market will be closed Monday for Terry Fox Day, with civic holidays across Canada.

Mixed Prairie growing conditions kept some weather premiums in the market, with dryness in some areas countered by relatively favorable weather elsewhere.

Canada exported 55,100 metric tons of canola during the week ended July 27, the Canadian Grain Commission reported. That brought the crop year-to-date total to 9.492 million tons, which compares with 6.817 million at the same point the previous year.

There were 49,510 contracts traded on Friday compared with Thursday when 37,997 contracts changed hands. Spreading accounted for 31,750 of the contracts traded.

Settlement prices in Canadian dollars per metric ton.

Contracts Prices Change

   Nov        682.50  dn 12.90 
   Jan        693.80  dn 12.10 
   Mar        702.40  dn 10.40 
   May        709.20  dn  9.10 
 

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

 
   Contracts  Prices                      Volume 
   Nov/Jan    10.20 under to 11.70 under  9,345 
   Nov/Mar    18.00 under to 20.70 under  1,055 
   Nov/May    23.80 under to 26.70 under      8 
   Nov/Jul    28.00 under to 31.00 under      5 
   Jan/Mar     6.80 under to 9.00 under   4,518 
   Jan/May    12.40 under to 15.40 under      1 
   Mar/May     5.50 under to 7.20 under     754 
   Mar/Jul    10.10 under to 10.80 under     12 
   May/Jul     3.00 under to 4.10 under     122 
   Jul/Nov    39.20 over to 35.00 over       55 
 

Source: MarketsFarm, news@marketsfarm.com