ICE Review : Canola Rallies After Canadian Acreage Estimate

WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher following the Statistics Canada report on principal field crop areas.

StatCan on Monday projected canola acres in 2024 at 21.39 million, down from last year's 22.08 million.

However, the weather outlook called for normal levels of precipitation through to spring, which likely means improved soil moisture levels on the Prairies and the opportunity for more canola going into the ground.

Canola closed above its 50-day average, which lent more support.

The stochastics for canola point to it being overbought as it pushed further toward the high side of its range, an analyst said.

The Canadian dollar was lower, at 74.14 U.S. cents compared to Friday's close of 74.23.

There were 55,174 contracts traded on Monday, compared to Friday when 38,054 contracts changed hands. Spreading accounted for 29,656 contracts traded.

Prices are in Canadian dollars per metric ton:

 
   Contracts  Price   Change 
 
   May        615.70  up 6.10 
   Jul        623.30  up 5.60 
   Nov        629.00  up 5.50 
   Jan        636.40  up 6.90 
 

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

 
   Contracts  Prices                     Volume 
 
   May/Jul     6.70 under to 8.30 under  7,757 
   May/Nov    11.50 under to 13.30 under   340 
   May/Jan    18.50 under                    3 
   May/Mar    22.00 under to 26.80 under    13 
   Jul/Nov     4.60 under to 6.00 under  5,660 
   Nov/Jan     5.20 under to 8.00 under  1,016 
   Nov/Mar    10.50 under to 13.60 under     9 
   Nov/May    12.90 under                    1 
   Jan/Mar     4.20 under to 5.80 under     28 
   Mar/May     0.10 under                    1 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

03-11-24 1541ET