WINNIPEG--Intercontinental Exchange canola futures were lower Monday on pressure from declines in Chicago soyoil and European rapeseed.

Gains in Malaysian palm oil as well as Chicago soybeans and soymeal helped pull canola away from earlier lows.

Tight supplies and the need to price ration continued to underpin canola. A measure of certainty over this year's lackluster harvest on the Prairies won't be available until Statistics Canada releases its production report Dec. 3.

A trader warned the specs have run up a massive long position in canola. That will make it very difficult to sell when the time comes, he said.

At midafternoon, the Canadian dollar was stronger at 79.96 U.S. cents, compared to Friday's close of 79.59.

There were 33,909 contracts traded on Monday, which compares with Friday when 29,529 contracts changed hands. Spreading accounted for 21,788 contracts traded.

Settlement prices are in Canadian dollars per metric ton. 


 
       Price    Change

Canola

Jan 1,012.90 dn 12.40 


   Mar   978.90 dn 12.60 
   May   942.40 dn 12.60 
   Jul   901.80 dn 10.10

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


 
   Months  Prices                    Volume

Jan/Mar 41.90 over to 31.20 over 4,887 


   Jan/May  81.80 over to 69.70 over   770 
   Jan/Jul 125.10 over to 110.00 over   87

Jan/Nov 210.40 over to 209.90 over 106 


   Jan/Jan 208.60 over                  14

Mar/May 41.20 over to 33.90 over 2,807 


   Mar/Jul  84.90 over to 76.30 over   147 
   Mar/Jan 173.30 over                   3

May/Jul 45.70 over to 37.20 over 1,391 


   Jul/Nov 100.80 over to 84.50 over   528 
   Nov/Jan   1.50 under to 2.50 under  153 
   Jan/Mar   1.00 over                   1

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

(END) Dow Jones Newswires

11-15-21 1545ET