WINNIPEG, Manitoba--The ICE Futures canola market was stronger, taking some direction from gains in Chicago soyoil.
European rapeseed and Malaysian palm oil futures were also stronger Monday.
Chart-based speculative short covering was a feature, as prices tested some key chart levels. The weekly Commitments of Traders Report showed managed money traders had cut their net short position in canola to its smallest level since October, as of May 7.
However, recent rains across Western Canada helped improve moisture conditions in many areas, tempering the upside in canola.
An estimated 49,666 contracts traded on Monday, which compares with Friday when 50,000 contracts traded.
Spreading accounted for 22,002 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton:
Months Price Change
Jul 667.90 up 4.30 Nov 687.00 up 5.40 Jan 693.40 up 5.70 Mar 697.90 up 6.20
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jul/Nov 17.50 under to 20.00 under 8,739 Jul/Jan 24.40 under to 26.10 under 92 Nov/Jan 5.20 under to 6.60 under 1,313 Nov/Mar 8.70 under to 11.40 under 294 Jan/Mar 3.10 under to 4.80 under 330 Jan/May 2.00 under 9 Mar/May 2.00 over to 1.50 over 90 Mar/Jul 6.90 over to 5.40 over 20 May/Jul 5.00 over to 4.90 over 72 May/Nov 50.00 over 2 Jul/Nov 45.00 over to 43.30 over 40
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
05-13-24 1536ET