WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Monday, seeing a continuation of last week's selloff as bearish technical signals weighed on values and fund traders added to their short positions.

Losses in crude oil spilled into the vegetable oil markets, with European rapeseed and Malaysian palm oil futures both down on the day.

Chicago soyoil was also under pressure, but managed to recover off its lows to turn mixed which provided some support to canola.

Scale-down end user demand and ideas the losses were looking overdone also helped temper the declines.

There were an estimated 33,276 contracts traded on Monday, which compares with Friday when 25,010 contracts traded.

Spreading accounted for 17,510 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola      Price           Change 
 Mar        616.40          dn 2.50 
 May        624.20          dn 2.60 
 Jul        630.40          dn 2.70 
 Nov        629.90          dn 2.80 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Mar/May          7.00 under to 8.10 under       4,576 
Mar/Jul         12.60 under to 14.20 under        286 
Mar/Nov         12.50 under to 13.20 under         36 
May/Jul          5.10 under to 6.30 under       1,986 
May/Nov          5.60 under to 5.70 under         165 
Jul/Nov          1.00 over to 0.30 over         1,404 
Nov/Jan          0.30 under to 4.80 under         302

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

01-08-24 1603ET