ICE Review: Canola Lifted by StatCan Report

WINNIPEG, Manitoba--The ICE Futures canola market rose sharply on Monday, correcting itself from contract lows on Friday and after the release of new data from Statistics Canada.

One analyst expected StatCan's new production figure for canola was lifting prices, but he also raised the possibility of increased buying from China.

StatCan cut its 2024-25 canola production estimate by 520,000 tons at 18.98 million, down 1.1% on the year but still above the five-year average of 18.34 million tons.

Chicago soyoil and European rapeseed were up while Malaysian palm oil was down. Meanwhile, crude oil gained more than US$1 per barrel.

Chart-based positioning on ideas Friday's losses were overdone contributed to the gains, as canola was said to be looking cheap compared to other oilseeds.

At mid-afternoon, the Canadian dollar was down less than one-tenth of a U.S. cent compared to Friday's close.

There were 58,100 canola contracts traded on Monday, which compares with Friday when 59,100 contracts changed hands. Spreading accounted for 31,162 of the contracts traded.

 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price         Change 
 Nov       564.70       up 22.90 
 Jan       578.30       up 22.40 
 Mar       590.70       up 21.40 
 May       599.80       up 20.10 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Nov/Jan       13.30 under to 14.90 under       7,313 
Nov/Mar       25.70 under to 28.10 under         701 
Nov/May       34.50 under to 36.90 under         170 
Nov/Jul       42.80 under to 43.60 under          68 
Nov/Nov       37.50 under to 41.00 under         500 
Jan/Mar       12.10 under to 13.50 under       3,375 
Jan/May       20.70 under to 22.40 under         291 
Jan/Jul       30.80 under                         23 
Mar/May        8.40 under to 10.70 under       2,036 
May/Jul        6.70 under to 8.90 under          703 
Jul/Nov        6.20 over to 2.00 under           397 
Nov/Jan        1.50 under to 2.30 under            4 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

September 16, 2024 15:24 ET (19:24 GMT)

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