WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Monday, hitting fresh contract highs in many months as a rally in Chicago Board of Trade soyoil provided support.

Weakness in the Canadian dollar contributed to the firmer tone in canola, as the currency dipped below 79 U.S. cents. The softer currency boosts crush margins and makes exports more attractive for international buyers.

Bullish chart signals were a feature, as speculators continued to hold onto a large net long position.

U.S. markets will be closed this upcoming Thursday for Thanksgiving, while canola will trade its usual hours.

Positioning ahead of the U.S. holiday could provide some direction over the next few days.

About 24,910 canola contracts traded on Monday, which compares with Friday when 29,432 contracts changed hands.

Spreading accounted for 17,288 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
              Price      Change

Canola 


   Jan       1,021.80    up 16.20 
   Mar       997.00      up 15.50 
   May       963.40      up 12.90 
   Jul       922.60      up 7.90

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


 
   Months              Prices               Volume 
   Jan/Mar    25.80 over to 20.50 over       4,684 
   Jan/May    59.00 over to 55.00 over         487 
   Jan/Jul    98.30 over to 85.70 over           6 
   Jan/Nov    194.00 over to 189.60 over        23 
   Mar/May    34.90 over to 30.50 over       2,240 
   Mar/Jul    75.00 over to 67.40 over          53 
   Mar/Nov    161.10 over to 156.50 over        92 
   May/Jul    41.20 over to 34.50 over         753 
   May/Nov    139.10 over to 137.00 over        18 
   Jul/Nov    98.90 over to 87.60 over         267 
   Nov/Jan    1.00 over to 0.20 over            17 
   Jan/Mar    2.60 over to 2.50 over             4

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at news@marketsfarm.com

(END) Dow Jones Newswires

11-22-21 1559ET