ICE Review : New Crop Contracts Surpass C$800 Per Tonne

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange hit multi-year highs on Wednesday. Factors included severe weather rendering some acres unusable, heavier trading, gains in comparable oils and a weaker Canadian dollar.

The United States and Iran exchanged strikes on Wednesday, diminishing peace prospects between the two countries. As crude oil made gains, Chicago soyoil, European rapeseed and Malaysian palm oil were also positive.

An analyst said while not much is accounting for canola's recent performance compared to other vegetable oils, the war in Iran remains a supportive influence.

At mid-afternoon, the Canadian dollar was down one-quarter of a U.S. cent compared to Tuesday's close.

There were 111,475 canola contracts traded on Wednesday, compared to Tuesday when 66,457 contracts changed hands. Spreads accounted for 64,864 contracts in today's trade.

Settlement prices are in Canadian dollars per metric tonne.

 
           Price      Change 
Jul       798.00    up 19.90 
Nov       802.00    up 20.20 
Jan       808.00    up 18.90 
Mar       811.90    up 17.70 

Spread trade prices are in Canadian dollars:

 
Months    Prices                            Volume 
Jul/Nov   2.50 under to 6.80 under          18,195 
Jul/Jan   8.40 under to 11.60 under            105 
Nov/Jan   5.10 under to 7.50 under           8,030 
Nov/Mar   7.60 under to 11.00 under            806 
Nov/May   6.30 under to 10.50 under            199 
Nov/Jul   3.80 under to 4.50 under               1 
Jan/Mar   2.40 under to 5.00 under           4,531 
Mar/May   0.90 under to 1.40 under              68 
Mar/Jul   6.10 over                              9 
May/Jul   6.10 over to 2.30 over               399 
Jul/Nov   64.00 over to 56.10 over              86 
Nov/Jan   0.50 under                             3 
 

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

(END) Dow Jones Newswires

06-03-26 1511ET