WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures saw the new crop contracts go from losses to gains on Monday.
After dropping to the daily limit earlier in the session, old crop July recovered half of its losses.
Support came from increases in Chicago soybeans and soyoil, along with gains in European rapeseed. Small declines in Chicago soymeal and Malaysian palm oil provided some pressure.
Dry conditions across much of the Prairies were again posing a major threat to already struggling crops. There is virtually no rain in the forecast this week across the region.
At mid-afternoon the Canadian dollar was stronger and tempering further gains in canola. The loonie was at 80.91 U.S. cents compared to Friday's close of 80.52.
The monthly supply and demand reports from Agriculture and Agri-Food Canada, released late Friday afternoon showed no changes to the endings stocks for old and new crop canola.
The carryovers remained at 700,000 for 2020/21 and 750,000 for 2021/22. Those are significantly lower than the 2019/20 carryout of 3.13 million tonnes.
There were 20,382 contracts traded on Monday, which compares with Friday when 23,056 contracts changed hands.
Spreading accounted for 7,266 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Jul 748.10 dn 15.00
Nov 700.20 up 6.20
Jan 702.30 up 8.60
Mar 700.50 up 9.60
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Jul/Nov 69.30 over to 31.20 over 946
Jul/Jan 67.80 over to 59.20 over 106
Nov/Jan 1.90 over to 2.40 under 1,466
Jan/Mar 3.70 over to 1.70 over 531
Jan/May 5.30 over to 5.00 over 10
Mar/May 3.30 over to 2.10 over 541
May/Jul 7.60 over to 5.80 over 31
Jul/Nov 72.80 over to 70.80 over 2
Source: Commodity News Service Canada
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