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,

(END) Dow Jones Newswires

06-17-24 1538ET