WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Monday, seeing a continuation of Friday's rally as ongoing gains in the Chicago soy complex provided spillover support.
March canola surpassed its 200-day moving average on Friday and held above that key chart point on Monday, which was supportive from a technical standpoint as speculators continued to cover short positions and put on new longs.
The soybean market remained underpinned by last week's cut to the United Sates 2024/25 production by the U.S. Department of Agriculture. Much-anticipated guidance on biofuel tax credits were also supportive for soyoil. However, uncertainty over the threat of U.S. tariffs on Canadian canola oil imports limited the spillover support on the canola market.
There were an estimated 67,767 contracts traded on Monday, which compares with Friday when 105,603 contracts traded.
Spreading accounted for 37,096 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Mar 647.70 up 6.10 May 655.60 up 5.00 Jul 660.70 up 5.40 Nov 639.80 up 8.10
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 7.50 under to 9.80 under 11,673 Mar/Jul 12.40 under to 15.70 under 480 Mar/Nov 7.10 over 1 May/Jul 4.30 under to 6.00 under 4,406 May/Nov 20.30 over to 15.10 over 49 Jul/Nov 25.00 over to 20.50 over 1,876 Nov/Jan 4.30 under to 5.30 under 61 Jan/Mar 1.60 under 2
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-13-25 1601ET