ICE Review: Canola Rises on Faded Increases

WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed mostly higher on Monday but faded from much stronger increases earlier in the session.

The November contract eased back despite poking its head above C$600 per tonne during trading, which is its 50-day moving average. An analyst commented that amounts to a "technical failure." The November managed to edge ahead of its 20-day average.

Modest losses in crude oil took support away from the vegetable oils. Although the Chicago soy complex was stronger on the day, increases in soyoil saw their gains cut in about half. There were double-digit advances in European rapeseed and modest upticks in Malaysian palm oil that underpinned canola.

The Canadian dollar was higher by mid-afternoon Monday with the loonie rising to 74.09 U.S. cents compared to Friday's close of 73.72.

There were 59,646 contracts traded on Monday, compared to 47,577 on Friday.

Spreading accounted for 36,192 contracts traded.

Prices are in Canadian dollars per metric tonne:

 
 Canola 
        Price   Change 
  Nov   587.30  dn 1.60 
  Jan   600.70  up 1.60 
  Mar   612.70  up 3.20 
  May   621.10  up 3.20 
 

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

 
  Months                    Prices          Volume 
  Nov/Jan       10.00 under to 13.50 under  10,086 
  Nov/Mar       20.00 under to 25.50 under      92 
  Nov/May       27.50 under to 28.00 under       2 
  Nov/Jul       40.00 under                      1 
  Nov/Nov       30.30 under to 38.60 under     235 
  Jan/Mar       9.70 under to 12.10 under    5,025 
  Jan/May       17.50 under to 20.30 under      14 
  Jan/Jul       23.80 under to 25.00 under      64 
  Mar/May       7.40 under to 8.50 under     1,508 
  Mar/Jul       14.50 under to 14.70 under      28 
  Mar/Nov       10.80 under to 14.70 under     171 
  May/Jul       6.30 under to 7.40 under       481 
  Jul/Nov       4.80 over to 0.70 over         383 
  Nov/Jan       0.30 under                       6 
 

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

(END) Dow Jones Newswires

September 23, 2024 15:36 ET (19:36 GMT)

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