WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed lower on Monday, unable to fend off pressure from sharp declines in Chicago soyoil.
Modest losses in European rapeseed, Malaysian palm oil and Chicago soybeans also weighed on canola values. Some support came from upticks in Chicago soymeal. Small declines in global crude oil prices pulled the oilseeds lower.
An analyst said canola was rangebound with concerns over dryness across the Prairies providing a measure of support.
The United States Department of Agriculture attache in Ottawa issued their report on Canadian oilseeds. The attache placed canola production for 2023/24 at 18.33 million tonnes, down from the USDA's call of 18.80 million. Also, the attache put ending stocks at 2.05 million tonnes, versus the department's 1.58 million.
For 2024/25, the Ottawa desk projected production for 2024/25 at 18.07 million tonnes, exports of 6.90 million, and total domestic use of 11.43 million. Ending stocks were forecast to be 1.94 million tonnes.
The Canadian dollar was higher at mid-afternoon Monday, with the loonie at 73.65 U.S. cents, compared to Friday's close of 73.54.
There were 45,740 contracts traded on Monday, compared to Friday when 40,781 contracts changed hands.
Spreading accounted for 29,460 contracts traded.
Prices are in Canadian dollars per metric tonne:
Canola
Price Change
May 638.30 dn 4.80
Jul 648.10 dn 3.40
Nov 656.40 dn 3.30
Jan 663.60 dn 3.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 8.30 under to 10.10 under 11,579 May/Nov 16.00 under to 18.40 under 432 May/Jan 23.70 under to 25.60 under 28 Jul/Nov 7.60 under to 8.40 under 2,107 Jul/Jan 15.00 under to 15.60 under 10 Nov/Jan 7.00 under to 7.50 under 573 Jan/Mar 2.50 under 1
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-08-24 1531ET
