WINNIPEG, Manitoba--Intercontinental Exchange canola futures dropped on Monday, hitting new contract lows due to significant losses in Chicago soyoil.

Declines in European rapeseed, Malaysian palm oil and Chicago soybeans put additional pressure on canola. Lower crude oil prices weighed on vegetable oils.

An analyst warned tough times were ahead for canola as the Brazil soybean harvest ramped up. He noted those soybeans were cheaper on the world market than those from the United States.

The U.S. Commodity Futures Trading Commission reports the net managed money short position in canola was 131,354 contracts as of Jan. 23, down about 1,500 from the previous week.

The Canadian dollar was higher at mid-afternoon Monday with the loonie at 74.49 U.S. cents compared to Friday's close of 74.35.

There were 47,730 contracts traded on Monday, which compares with Friday when 37,230 contracts changed hands.

Spreading accounted for 33,436 contracts traded.

Prices are in Canadian dollars per metric tonne: 


 
Canola 
        Price   Change 
   Mar  608.70  dn 15.50 
   May  614.10  dn 15.30 
   Jul  617.20  dn 15.80 
   Nov  616.40  dn 14.90

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


 
 Months                 Prices              Volume 
 Mar/May        4.50 under to 5.80 under     9,821 
 Mar/Jul        7.80 under to 9.00 under       957 
 Mar/Nov        7.10 under to 7.80 under       433 
 May/Jul        2.50 under to 3.70 under     4,212 
 Jul/Nov        2.00 over to 0.60 over       1,293 
 Nov/Jan        4.70 under                       2

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

01-29-24 1533ET