ICE Canola Holding Onto Gains Midday Monday

WINNIPEG, Manitoba--The ICE Futures canola market was holding onto small gains at midday Monday, continuing consolidate just above contract lows.

While speculators were still holding a record large net short position in the latest Commitment of Traders data, they were showing a reluctance to push values much lower and could be covering some of those positions. The May contract was trading above its 20-day moving average at midsession, which was supportive from a chart standpoint.

Gains in Chicago soyoil and European rapeseed futures were also supportive, although 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 tonnes, which would be down by 100,000 tonnes from an earlier estimate and well below the 19.9 million tonnes grown the previous year due primarily to a reduction in seeded area.

An estimated 16,400 canola contracts traded as of 11:36 EST.

Prices in Canadian dollars per metric tonne at 11:36 EST:

 
 Canola 
        Price   Change 
 May    594.30  up 3.50 
 Jul    602.00  up 3.80 
 Nov    609.20  up 3.40 
 Jan    615.70  up 4.00 
 

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

(END) Dow Jones Newswires

03-04-24 1206ET