WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed lower in holiday trading on Monday. As with Friday's trading, canola was unable to hang on to its gains from the overnight session.
That's despite support from the Chicago soy complex, but Malaysian palm oil was lower and European rapeseed was mixed.
Small upticks in crude oil spilled over into the vegetable oils.
The March contract remained above its 20-day moving average but fell further away from its other major averages.
The Canadian Grain Commission reported for the week ended Dec.
22 that year-to-date producer deliveries of canola reached 8.18 million tonnes, compared to 6.59 million a year ago. Canola exports so far this year topped 4.39 million tonnes versus 2.42 million and domestic use hit 4.61 million tonnes, ahead of the 4.18 million this time last year.
The CGC also reported that 90 per cent of this year's canola samples it tested rated number one. However, the mean oil content slipped from 2023/24 to 42.6 per cent.
There were 28,864 contracts traded on Monday, compared to 32,188 on Friday. Spreading accounted for 12,084 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change Jan 615.10 dn 6.80 Mar 614.10 dn 3.10 May 622.70 dn 0.80 Jul 625.30 dn 0.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Jan/Mar 4.90 over to 4.00 under 657 Mar/May 5.50 under to 8.70 under 3,830 Mar/Jul 8.70 under to 11.40 under 128 May/Jul 1.20 under to 3.00 under 1,017 May/Nov 20.20 over 2 Jul/Nov 23.50 over to 21.40 over 408
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-30-24 1529ET