ICE Review : Canola Higher, Spillover Support From Outside Markets

WINNIPEG, Manitoba--The ICE Futures canola market was sharply higher as gains in outside vegetable oil markets provided spillover support.

Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher Monday, with crude oil also up on the day.

Bullish chart signals added to the strength. The nearby May contract settled just below the psychological C$650 per-metric-ton level.

However, some technical indicators were starting to look overbought and tempered the advances.

Statistics Canada reported that 897,790 metric tons of canola were crushed in the country in February, which was down 4% from January but up by 10.5% from the same month a year ago.

An estimated 38,792 contracts traded on Monday compared with Friday when 37,833 contracts traded.

Spreading accounted for 17,896 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Contracts Prices Change

   May        649.70  up 15.20 
   Jul        659.40  up 15.30 
   Nov        666.00  up 13.80 
   Jan        673.40  up 13.50 
 

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

 
   Contracts   Price                      Volume 
   May/Jul      8.80 under to 10.30 under 4,717 
   May/Nov     15.20 under to 17.20 under   194 
   May/Mar     26.60 under to 27.50 under    14 
   Jul/Nov      6.40 under to 8.30 under  3,700 
   Nov/Jan      7.30 under to 7.90 under    261 
   Nov/Mar     10.50 under to 11.50 under    13 
   Jan/Mar      2.80 under to 4.10 under     42 
   Mar/May      2.40 over to 2.30 over        7 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

03-25-24 1536ET