ICE Review : Canola Starts New Week With Sharp Upticks

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were stronger on Monday with the largest gains in the old crop months.

An analyst said the sharp upticks in the Canadian oilseed were likely due to an increase in short covering.

Support for canola came from a stronger Chicago soy complex as well more moderate increases in European rapeseed and Malaysian palm oil.

Declines in global crude oil prices attempted to stymie further gains in vegetable oils.

Strong crush margins continued to underpin canola values.

The Canadian dollar was lower at mid-afternoon Monday, which benefited canola. The loonie pulled back to 74.73 U.S. cents compared to Friday's close of 75.11.

There were 38,287 contracts traded on Monday, which compares with Friday when 26,314 contracts changed hands.

Spreading accounted for 29,202 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Price     Change 

Canola

   Mar       827.90    up 20.20 
   May       826.80    up 19.30 
   Jul       828.70    up 19.00 
   Nov       808.80    up 15.00 
 

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

 
   Months                Prices                Volume 
   Mar/May       1.80 over to 1.00 under        6,166 
   Mar/Jul       0.10 under to 4.40 under         958 
   Mar/Nov       16.30 over to 14.20 over          20 
   May/Jul       1.50 under to 3.50 under       3,898 
   May/Nov       18.20 over to 15.50 over         630 
   Jul/Nov       21.00 over to 15.00 over       2,915 
   Nov/Jan       2.50 under                        14 
 

Source: Commodity News Service Canada

Write to Glen Hallick at [e-mail]

(END) Dow Jones Newswires

01-30-23 1539ET