ICE Review : Prices Higher as Funds Want Out of Short Positions

WINNIPEG, Manitoba--Intercontinental Exchange canola futures started the new week the same way it ended the previous one, with gains as the funds continued to scamper out of their near record short positions.

Additional support came from good gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. A surge in global crude oil prices spilled over into the vegetable oils.

Statistics Canada (StatCan) reported the February crush included 812,001 tonnes of canola, up 29.1 percent from February 2022.

The federal agency also reported canola deliveries in February were 1.49 million tonnes, jumping 46.1 percent from a year ago.

Canola crush margins were again on the rise, further underpinning values.

The Canadian dollar was stronger at mid-afternoon Monday with the loonie at 73.25 U.S. cents, compared to Friday's close of 72.66.

There were 38,537 contracts traded on Monday, which compares with Friday when 41,203 contracts changed hands.

Spreading accounted for 22,110 contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
            Price       Change 
 Canola 
 May        753.20      up 9.80 
 Jul        742.10      up 14.70 
 Nov        716.50      up 12.40 
 Jan        719.80      up 11.90 
 

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

 
 Months                Prices                  Volume 
 May/Jul        17.00 over to 10.70 over       7,166 
 May/Nov        45.30 over to 39.10 over          36 
 Jul/Nov        29.00 over to 23.60 over       3,701 
 Jul/Jan        23.40 over                         3 
 Nov/Jan        3.20 under to 3.90 under         145 
 Nov/Jul        1.70 over to 1.90 under            2 
 Jan/Mar        3.50 under                         1 
 Jul/Nov        53.00 over                         1 
 

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

(END) Dow Jones Newswires

03-27-23 1542ET