WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed slightly lower on Monday in trading that saw the nearby contracts either side of steady.
At one point, the July contract broke through its support level of C$600 ($436.76) a metric ton but reclaimed some its lost ground.
An analyst noted July's next support level would then be around C$585 a ton . He said canola is now more competitive with other oilseeds, which should help to bring back lost exports such as those to Japan and Mexico.
Sharp losses in Chicago soybeans and European rapeseed, more modest declines in soymeal, along with little movement in soyoil put pressure on the Canadian oilseed. Gains in crude oil tried to stem further losses in the vegetable oils.
Prospects for good crops across the Prairies along with farmers still holding large stocks of canola weighed on the oilseed's values.
The Canadian dollar reversed course and was climbing higher by mid-afternoon Monday with the loonie at 72.87 U.S. cents, compared with Friday's close of 72.72.
There were 49,745 contracts traded on Monday, down from Friday's 59,889 contracts. Spreading accounted for 25,266 contracts traded.
Prices are in Canadian dollars per metric ton:
Contract Price Change Jul 605.30 dn 0.10 Nov 624.30 dn 0.10 Jan 630.30 dn 1.20 Mar 633.40 dn 2.90
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jul/Nov 17.70 under to 19.80 under 6,655 Jul/Jan 23.90 under to 26.10 under 96 Jul/Mar 26.60 under to 30.60 under 46 Nov/Jan 5.80 under to 7.40 under 3,529 Nov/Mar 9.00 under to 10.80 under 155 Nov/May 15.50 under 1 Jan/Mar 2.60 under to 4.80 under 1,741 Mar/May 1.60 under to 3.70 under 381 May/Jul 2.30 over to 1.50 over 29
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
06-17-24 1538ET
