WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were stronger on Monday with the largest gains in the old crop months.
An analyst said the sharp upticks in the Canadian oilseed were likely due to an increase in short covering.
Support for canola came from a stronger Chicago soy complex as well more moderate increases in European rapeseed and Malaysian palm oil.
Declines in global crude oil prices attempted to stymie further gains in vegetable oils.
Strong crush margins continued to underpin canola values.
The Canadian dollar was lower at mid-afternoon Monday, which benefited canola. The loonie pulled back to 74.73 U.S. cents compared to Friday's close of 75.11.
There were 38,287 contracts traded on Monday, which compares with Friday when 26,314 contracts changed hands.
Spreading accounted for 29,202 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
Mar 827.90 up 20.20 May 826.80 up 19.30 Jul 828.70 up 19.00 Nov 808.80 up 15.00
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 1.80 over to 1.00 under 6,166 Mar/Jul 0.10 under to 4.40 under 958 Mar/Nov 16.30 over to 14.20 over 20 May/Jul 1.50 under to 3.50 under 3,898 May/Nov 18.20 over to 15.50 over 630 Jul/Nov 21.00 over to 15.00 over 2,915 Nov/Jan 2.50 under 14
Source: Commodity News Service Canada
Write to Glen Hallick at news@marketsfarm.com
(END) Dow Jones Newswires
01-30-23 1539ET