ICE Closing Review: Lack of change for canola

Canola futures on the Intercontinental Exchange showed little movement on Friday in light trading and a lack of support from comparable oils.

European rapeseed was lower but Malaysian palm oil was higher. Crude oil was down due to a planned output hike by OPEC+ in August.

Most areas of the Prairies are forecast to be hot and dry next week with high temperatures exceeding 30 degrees Celsius.

At mid-afternoon, the Canadian dollar lost nearly two-tenths of a United States cent compared to Thursday’s close.

U.S. markets were closed on Friday due to Independence Day.

There were 16,646 canola contracts traded on Friday, which compares with Thursday when 35,504 contracts changed hands. Spreading accounted for 8,422 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

Nov 719.70 up  0.20

Jan 727.40 unchanged

Mar 732.90 dn  0.50

May 737.60 dn  0.70

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

Nov/Jan 7.50 under to 8.20 under    3,245

Nov/Mar 13.20 under to 13.60 under     28

Nov/Jul 21.20 under to 21.60 under      1

Jan/Mar 5.40 under to 6.00 under      783

Mar/May 4.50 under to 4.90 under      136

May/Jul 3.50 under to 3.80 under       13

Jul/Nov 39.40 over to 36.60 over        5