ICE Review : Canola Pulled Down by Soybeans

WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange erased earlier gains and ended the session lower on Monday.

Soybean prices on the Chicago Board of Trade were down by double digits after the United States Department of Agriculture raised its ending stock estimates. Global soybean and soyoil ending stock estimates were also higher month-by-month.

Canadian Prime Minister Mark Carney will visit China tomorrow where trade and agriculture will be two of the topics up for discussion. China imposed 100 per cent tariffs of Canadian canola seed and meal, as well as a 75.8 per cent tariff on Canadian canola oil last year.

Chicago soyoil and Malaysian palm oil were up, but European rapeseed was down. Crude oil was steady to higher to start the week amidst tensions in Iran and Venezuela.

At mid-afternoon, the Canadian dollar gained one-tenth of a U.S. cent compared to Friday's close.

There were 50.914 canola contracts traded on Monday, compared to Friday when 69,248 contracts changed hands. Spreading accounted for 24,416 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
           Price      Change 
Mar       620.80     dn 2.90 
May       630.80     dn 2.20 
Jul       638.00     dn 2.00 
Nov       636.00     dn 1.10 

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

 
Months    Prices                            Volume 
Mar/May   8.70 under to 10.20 under          8,285 
Mar/Jul   15.40 under to 17.40 under           154 
Mar/Nov   11.40 under to 15.40 under            86 
May/Jul   6.30 under to 7.30 under           2,588 
May/Nov   2.10 under to 5.20 under               5 
Jul/Nov   4.80 over to 0.30 over             1,058 
Nov/Jan   5.80 under to 6.20 under              32 
 

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

(END) Dow Jones Newswires

01-12-26 1507ET