ICE Review : Canola Turns Higher With Outside Markets

WINNIPEG, Manitoba--The ICE Futures canola market recovered from early losses to post solid gains on Monday, as strength in outside markets provided spillover support.

Crude oil climbed to its highest levels of the past month, with Chicago soyoil and Malaysian palm oil also higher on the day.

March canola tested its 20-day moving average, which brought in some additional speculative buying and contributed to the gains.

Fund traders were holding a record large short position in canola as of Jan. 16, and could be looking to book profits and buy back some of those shorts.

There were an estimated 40,207 contracts traded on Monday, which compares with Friday when 41,083 contracts traded.

Spreading accounted for 26,370 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
Canola 
        Price    Change 
 Mar    641.20   up 6.30 
 May    645.10   up 5.70 
 Jul    641.70   up 5.50 
 Nov    646.40   up 5.20 
 

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

 
 Months                 Prices              Volume 
 Mar/May        4.70 under to 6.60 under    10,485 
 Mar/Jul        8.50 under to 10.90 under       94 
 Mar/Nov        5.20 under to 7.70 under       393 
 May/Jul        3.50 under to 4.90 under     1,518 
 May/Nov        0.40 under to 0.70 under         5 
 Jul/Nov        3.90 over to 1.90 over         633 
 Nov/Jan        4.60 under to 5.00 under        33 
 Jan/Mar        0.00 under to 2.90 under        14 
 Mar/May        1.50 under to 4.30 under        10 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-22-24 1547ET