WINNIPEG, Manitoba--The ICE Futures canola market climbed to its highest levels in four months as speculative short covering built on itself, and prices moved above several key chart points.
Gains in outside markets added to the firmer tone Monday in the Canadian oilseed. Chicago soyoil, European rapeseed and Malaysian palm oil futures were higher on the day.
Rains in the forecast for Western Canada may cause some seeding delays but will be beneficial for crops in the long run, bringing much-needed moisture to dry regions of the Prairies.
Statistics Canada is scheduled to release its stocks as of March 31 report on Tuesday. The numbers should provide a clearer picture of usage to date. Average trade expectations call for stocks of at least a million metric tons above the seven million tons on hand at the same time a year ago.
An estimated 76,598 contracts traded on Monday, which compares with Friday when 42,942 contracts traded.
Spreading accounted for 27,338 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Contracts Prices Change Jul 660.90 up 13.90 Nov 675.40 up 14.60 Jan 681.80 up 13.40 Mar 684.70 up 11.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Contracts Prices Volume Jul/Nov 12.80 under to 15.10 under 11,091 Jul/Jan 20.40 under to 20.60 under 10 Nov/Jan 6.10 under to 8.00 under 2,145 Nov/Mar 10.20 under to 11.00 under 39 Nov/Nov 40.00 over 2 Jan/Mar 2.10 under to 4.90 under 322 Jan/May 3.10 under 1 Mar/May 1.70 over to 0.70 under 57 May/Jul 3.50 over 2
Source: MarketsFarm, news@marketsfarm.com
(END) Dow Jones Newswires
05-06-24 1603ET