ICE Review : Canola Follows Soyoil Higher

WINNIPEG, Manitoba--The ICE Futures canola market was stronger, taking some direction from gains in Chicago soyoil.

European rapeseed and Malaysian palm oil futures were also stronger Monday.

Chart-based speculative short covering was a feature, as prices tested some key chart levels. The weekly Commitments of Traders Report showed managed money traders had cut their net short position in canola to its smallest level since October, as of May 7.

However, recent rains across Western Canada helped improve moisture conditions in many areas, tempering the upside in canola.

An estimated 49,666 contracts traded on Monday, which compares with Friday when 50,000 contracts traded.

Spreading accounted for 22,002 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton:

Months Price Change

   Jul     667.90 up 4.30 
   Nov     687.00 up 5.40 
   Jan     693.40 up 5.70 
   Mar     697.90 up 6.20 
 

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

 
   Contracts  Prices                     Volume 
   Jul/Nov    17.50 under to 20.00 under 8,739 
   Jul/Jan    24.40 under to 26.10 under    92 
   Nov/Jan     5.20 under to 6.60 under  1,313 
   Nov/Mar     8.70 under to 11.40 under   294 
   Jan/Mar     3.10 under to 4.80 under    330 
   Jan/May     2.00 under                    9 
   Mar/May     2.00 over to 1.50 over       90 
   Mar/Jul     6.90 over to 5.40 over       20 
   May/Jul     5.00 over to 4.90 over       72 
   May/Nov    50.00 over                     2 
   Jul/Nov    45.00 over to 43.30 over      40 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

05-13-24 1536ET