ICE Review : Canola Softer to Start Week

WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Monday, nearing the lower edge of its well-established trading range as speculative selling and spillover from outside markets weighed on values.

Losses in Chicago soybeans accounted for some spillover selling in the Canadian oilseed, with European rapeseed also down on the day. However, soyoil held onto small gains at the final bell, while the Malaysian palm oil market was closed for the Lunar New Year with many other Asian markets also not trading for the holiday.

Scale-down end user demand helped temper the losses in canola, as crush margins remain wide.

About 27,510 canola contracts traded on Monday, which compares with Friday when 31,900 contracts changed hands.

Spreading accounted for 13,512 of the contracts traded.

Settlement prices are in Canadian dollars per metric tonne.

 
             Prices    Change 

Canola

   Mar       806.70    dn 6.20 
   May       806.40    dn 6.20 
   Jul       808.30    dn 6.70 
   Nov       792.20    dn 4.70 
 

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

 
   Months              Prices                Volume 
   Mar/May       1.40 over to 0.00            2,937 
   Mar/Jul       1.10 under to 2.10 under       147 
   Mar/Nov       18.00 over to 15.00 over        30 
   May/Jul       1.50 under to 3.00 under     1,636 
   Jul/Nov       18.60 over to 16.00 over     1,947 
   Nov/Jan       2.40 under to 3.40 under        51 
   Nov/Mar       0.00 even                        8 
 

Source: Commodity News Service Canada

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(END) Dow Jones Newswires

01-23-23 1606ET