WINNIPEG--The ICE Futures canola market was stronger on Monday, with speculative short covering a feature.

The May contract moved back above its 20-day moving average, which was supportive from a chart standpoint. Gains in Chicago soybeans and European rapeseed futures also provided some spillover support, although soyoil and Malaysian palm oil held near unchanged.

France's Strategie Grains lowered their estimate on the size of the 2024/25 European Union rapeseed crop to 18.3 million tons, which would be down by 100,000 tons from an earlier estimate, and well below the 19.9 million tons grown the previous year due primarily to a reduction in seeded area.

Australian 2023/24 canola production was pegged at 5.7 million tons by ABARES, which was up by 200,000 tons from the previous estimate and the third-largest canola crop on record, but still down by 31 per cent on the year.

There were an estimated 26,349 contracts traded on Monday, which compares with Friday when 33,467 contracts traded. Spreading accounted for 15,474 of the contracts traded.


Settlement prices are in Canadian dollars per metric ton:

CanolaPriceChange

May 596.00 up 5.20

Jul 604.00 up 5.80

Nov 611.30 up 5.50

Jan 616.90 up 5.20


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

May/Jul 7.00 under to 8.10 under 5,901 


   May/Nov 14.10 under to 15.40 under    48

Jul/Nov 7.00 under to 7.80 under 1,492 


   Nov/Jan 5.40 under to 6.00 under   265 
   Jan/Mar 2.00 under    31

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


(END) Dow Jones Newswires

03-04-24 1552ET