WINNIPEG, Manitoba--Intercontinental Exchange canola futures turned lower on Monday, unable to hang on to earlier gains.
There was too much pressure from sharp declines in Chicago soyoil, which couldn't be compensated by upticks in European rapeseed as well as Chicago soybeans and soymeal. Despite fading, Malaysian palm oil managed to cling on to small gains.
Global crude oil prices pulled back further weighing on vegetable oil values.
The Prairie forecast has called for rain for most of this week, while temperatures are to be cooler than normal.
The Canadian dollar is relatively steady at mid-afternoon Monday as the loonie inched up to 73.20 U.S. cents compared to Friday's close of 73.16.
There were 41,290 contracts traded on Monday, compared to Friday when 52,182 contracts changed hands.
Spreading accounted for 15,194 contracts traded.
Prices are in Canadian dollars per metric tonne:
Canola
Price Change
May 616.30 dn 1.40
Jul 633.00 dn 1.40
Nov 649.10 dn 2.40
Jan 657.10 dn 2.40
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume May/Jul 11.00 under to 17.00 under 1,297 Jul/Nov 15.90 under to 17.50 under 4,830 Jul/Jan 23.10 under to 24.90 under 263 Nov/Jan 7.00 under to 8.20 under 925 Nov/Mar 10.00 under to 12.80 under 35 Jan/Mar 2.50 under to 4.60 under 236 Mar/May 1.20 over to 1.00 over 11
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-29-24 1534ET
