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