WINNIPEG, Manitoba--The ICE Futures canola market was mixed at Monday's close after trading to both sides of unchanged in choppy activity. The nearby July contract moved lower while the deferred months were all higher, with the narrowing old/new crop spread a feature.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower on the day, accounting for some spillover selling pressure in canola. Early strength in the Canadian dollar was also bearish, although the currency moved well off its highs.
Spring seeding is underway in the western Prairies and will pick up in the east over the next few weeks as temperatures warm up.
Statistics Canada releases its stocks as of March 31 report on Tuesday, which will help provide a better picture of usage-to-date. The U.S. Department of Agriculture releases its latest supply/demand estimates on Friday, with positioning ahead of that report likely to encourage speculative profit- taking over the next few days.
About 26,769 canola contracts traded on Monday, which compares with Friday when 32,431 contracts changed hands.
Spreading accounted for 12,186 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton. Canola Price Change Jul 733.20 dn 1.90 Nov 711.60 up 0.60 Jan 716.70 up 0.30 Mar 720.60 up 0.10 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Jul/Nov 28.00 over to 21.00 over 5,157 Jul/Jan 22.00 over to 16.20 over 29 Nov/Jan 5.00 under to 5.40 under 578 Nov/Mar 9.00 under to 9.50 under 47 Jan/Mar 3.80 under to 4.30 under 160 Mar/May 0.00 under 1 Mar/Jul 4.80 over to 0.50 over 101 Jul/Nov 49.90 over 20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-08-23 1601ET
