WINNIPEG, Manitoba--The ICE Futures canola market was sharply lower on Monday, as losses in outside markets and bearish technical signals weighed on prices.

Values dropped below several major moving averages to settle at their lowest levels in the past month, as speculative selling built on itself.

Forecasts calling for welcome precipitation across dry areas of Western Canada over the next week contributed to the weaker tone.

The Chicago soy complex, European rapeseed and Malaysian palm oil were all lower on the day. However, recent weakness in the Canadian dollar, which has lost roughly a cent relative to its United States counterpart over the past week remained somewhat supportive.

There were an estimated 70,724 contracts traded on Monday, which compares with Friday when 74,823 contracts traded.

Spreading accounted for 49,380 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

        Price   Change 
 May    619.90  dn 14.80 
 Jul    631.40  dn 14.90 
 Nov    645.80  dn 11.20 
 Jan    653.40  dn 10.20 

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

 Months                Prices               Volume 
 May/Jul    10.70 under to 11.80 under      15,536 
 May/Nov    22.30 under to 26.10 under         441 
 Jul/Nov    10.70 under to 14.80 under       7,811 
 Jul/Jan    18.30 under to 22.20 under          96 
 Nov/Jan    6.30 under to 7.70 under           763 
 Nov/Mar    10.50 under                          3 
 Jan/Mar    2.60 under to 3.00 under            40 

Source: Commodity News Service Canada,

(END) Dow Jones Newswires

04-15-24 1605ET