ICE Grain/Oilseed Review : Canola Jumps Double-Digits on Spillover and Dry Weather

WINNIPEG, Manitoba--The ICE Futures canola market was on the rise Monday, receiving spillover from other markets while hot and dry weather was forecast for the Prairies.

Chicago soyoil and European rapeseed were higher, while Malaysian palm oil was lower. Crude oil was up more than $1 per barrel despite fears over a possible recession.

At mid-afternoon, the Canadian dollar was up one-third of a U.S. cent compared to Friday's close.

About 28,971 canola contracts traded Monday, which compares with Friday when 28,385 contracts changed hands. Spreading accounted for 16,620 of the contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Months Price Change

 
   Jul    730.80 up 17.90 
   Nov    704.90 up 14.30 
   Jan    708.40 up 13.00 
   Mar    711.90 up 12.90 
 

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

 
   Months  Prices                    Volume 
 

Jul/Nov 27.70 over to 21.60 over 6,224

   Jul/Jan 21.80 over to 17.30 over     45 
   Jul/Mar 13.80 over                   67 

Nov/Jan 3.20 under to 4.80 under 1,285

   Nov/Mar  6.50 under                  40 
   Jan/Mar  3.00 under to 3.80 under   138 
   Mar/May  3.00 over to 2.30 over     435 
   Mar/Jul  4.60 over to 3.70 over       9 
   May/Jul  1.30 over                    1 
   Jul/Nov 43.60 over to 43.00 over     66 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

05-15-23 1555ET