WINNIPEG, Manitoba--The ICE Futures canola market held onto small gains on Monday, with chart-based positioning a feature amid ideas recent losses were overdone.

Advances in Chicago soybeans accounted for some of the spillover buying interest in canola, with end-user bargain hunting also supportive.

However, losses in soyoil and increased farmer selling on any attempts at moving higher tempered the advances. Speculators continue to hold a large net short position in canola, and remained content to watch their profits grow as most major technical indicators remain pointed lower.

Many markets in Asia, including Malaysian palm oil, were closed Monday for the Lunar New Year.

There were an estimated 62,940 contracts traded on Monday, which compares with Friday when 61,169 contracts traded.

Spreading was a feature, accounting for 43,736 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne. 


 
 Canola 
        Price   Change 
 Mar    591.00  up 2.60 
 May    598.60  up 1.70 
 Jul    604.50  up 1.90 
 Nov    604.90  up 2.80

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


 
 Months             Prices               Volume 
 Mar/May    7.10 under to 9.00 under     17,427 
 Mar/Jul    12.50 under to 15.00 under      470 
 Mar/Nov    12.20 under to 13.90 under      249 
 May/Jul    5.00 under to 6.30 under      2,640 
 May/Nov    5.10 under to 6.90 under         44 
 Jul/Nov    0.40 over to 0.90 under         985 
 Nov/Jan    3.60 under to 4.80 under         53

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


(END) Dow Jones Newswires

02-12-24 1532ET