WINNIPEG, Manitoba--The ICE Futures canola market was weaker, hitting fresh three-month lows.
The most-active November contract tested the psychological $620 Canadian dollar per-metric-ton level on several occasions during Monday's session, settling just below the key chart point.
Losses in Chicago soyoil accounted for some spillover selling pressure in canola. However, soybeans turned higher while European rapeseed and Malaysian palm oil held near unchanged.
While persistent cool and wet conditions across parts of western Canada remained supportive, most of the canola is thought to be in decent shape.
Statistics Canada is due to release updated acreage estimates on Thursday. The U.S. Agriculture Department is scheduled to report seeded- area numbers on Friday.
An estimated 34,660 contracts traded on Monday, which compares with Friday when 44,052 contracts traded.
Spreading accounted for 17,532 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Prices Change
Jul 600.70 dn 5.40 Nov 617.80 dn 4.70 Jan 624.20 dn 4.60 Mar 628.20 dn 4.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jul/Nov 15.00 under to 19.70 under 4,131 Jul/Jan 23.50 under to 24.70 under 5 Nov/Jan 6.00 under to 6.90 under 2,772 Nov/Mar 9.20 under to 10.50 under 123 Nov/May 11.60 under to 13.20 under 62 Nov/Jul 11.00 under to 12.50 under 8 Jan/Mar 3.00 under to 4.00 under 1,155 Jan/May 5.50 under to 6.90 under 172 Mar/May 1.40 under to 3.00 under 329 May/Jul 0.30 over to 0.40 under 9
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
06-24-24 1548ET