WINNIPEG--Intercontinental Exchange canola futures stepped well back in the old crop months on Monday, while the new crop positions were moderately higher.
Pressure from sharp declines in Chicago soybeans and soyoil, as well as European rapeseed weakened canola. A significant downturn in global crude oil prices spurred the retreat in most veg oils. However, Malaysian palm oil saw increases Monday.
Agriculture and Agri-Food Canada has called for a turnaround in crop production in 2022/23, provided there are good growing conditions.
The Canadian dollar was weaker at midafternoon, with the loonie at 79.03 U.S. cents, compared wioth Friday's close of 79.71.
There were 30,310 contracts traded Monday, which compares with Friday, when 24,336 contracts changed hands. Spreading accounted for 18,780 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola Mar 995.90 dn 26.40
May 985.50 dn 23.60
Jul 959.50 dn 17.90
Nov 832.40 up 5.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Mar/May 16.30 over to 8.20 over 5,554
Mar/Jul 50.00 over to 37.00 over 16
May/Jul 34.60 over to 24.80 over 2,068
Jul/Nov 151.40 over to 126.20 over 1,457
Nov/Jan 5.20 over to 3.00 over 295
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-24-22 1531ET
