WINNIPEG--Intercontinental Exchange canola futures were weaker Monday, getting pressure from losses in most vegetable oils.
Chicago soybeans and soymeal, as well as European rapeseed and Malaysian palm oil traded to the downside. There were small upticks in Chicago soyoil. Increases in global crude-oil prices tempered further losses in veg oils.
A trader noted that movement in canola is very likely to remain rangebound. The poor condition of Argentina's soybean crop will continue having an effect on veg oils, but the trader stressed that is having more sway on the market than it should.
Canola crush margins remained very wide, helping underpin values.
The Canadian dollar was stronger at mid-afternoon Monday, which weighed on canola values. The loonie climbed to 74.78 U.S. cents, compared to Friday's close of 74.15.
There were 25,234 contracts traded on Monday, which compares with Friday when 28,313 contracts changed hands. Spreading accounted for 11,456 contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Price Change
Canola
Mar 858.60 dn 10.30
May 855.40 dn 10.90
Jul 855.80 dn 10.60
Nov 823.60 dn 12.30
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Mar/May 4.60 over to 2.50 over 2,454
Mar/Jul 4.90 over to 2.70 over 125 Mar/Nov 35.00 over to 32.60 over 35
May/Jul 0.90 over to 0.80 under 2,015
May/Nov 32.00 over 31.00 over 400 Jul/Nov 33.20 over to 30.00 over 690 Nov/Jan 1.70 under to 2.60 under 9
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-09-23 1553ET
