ICE Review : Canola Corrects Higher Monday

WINNIPEG, Manitoba--The ICE Futures canola market stronger on Monday, seeing a correction to start the week amid ideas recent losses were overdone.

- The July and November contracts settled back above their 20-day moving averages after falling sharply lower on Friday.

- A firmer tone in crude oil provided spillover support, with Chicago soyoil and European rapeseed also higher on the day. Malaysian palm oil was narrowly mixed.

- Seeding operations are nearing completion across Western Canada, although some intended canola acres remained unseeded.

- There were 72,998 contracts traded on Monday, which compares with Friday when 89,838 contracts changed hands.

Spreading accounted for 48,234 of the contracts traded.

Settlement prices in Canadian dollars per metric tonne.

 
           Price      Change 
Jul       761.30     up 4.30 
Nov       769.00     up 4.80 
Jan       777.10     up 5.20 
Mar       783.10     up 6.00 

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

 
Months    Prices                            Volume 
Jul/Nov   6.60 under to 9.90 under          14,917 
Jul/Jan   14.50 under to 17.30 under           156 
Jul/May   23.80 under to 25.00 under            20 
Nov/Jan   7.20 under to 8.40 under           4,430 
Nov/Mar   12.70 under to 15.00 under         1,061 
Nov/May   14.00 under to 16.60 under             7 
Nov/Jul   12.20 under to 14.00 under             3 
Nov/Nov   42.50 over to 41.40 over               2 
Jan/Mar   5.00 under to 6.70 under           1,992 
Mar/May   1.10 under to 3.60 under             905 
Mar/Jul   1.90 over to 1.00 under               53 
May/Jul   4.80 over to 2.10 over               454 
Jul/Nov   60.60 over to 54.70 over             117 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

06-08-26 1530ET