WINNIPEG--ICE Futures canola market was stronger on Monday, recovering from overnight losses to see a continuation of last week's correction off nearby lows.

Tightening supply projections and solid end user demand remained supportive from a fundamental standpoint. Statistics Canada releases updated production estimates on Thursday Dec. 5, with most market participants expecting the crop will be revised down by a million tons or more from the 18.98 million tons forecast in September.

Gains in European rapeseed and Malaysian palm oil provided spillover support, although the Chicago soy complex was weaker.

Australia's agriculture department ABARES estimated the country's canola crop at 5.6 million tons. That was up by 100,000 tons from the September forecast, but still down 8% on the year.

There were an estimated 67,997 contracts traded on Monday, which compares with Friday when 53,665 contracts traded.

Spreading accounted for 39,808 of the contracts traded. 


 
Settlement prices are in Canadian dollars per metric ton. 
 
Canola     Price        Change 
 Jan       581.60       up 7.50 
 Mar       593.70       up 7.80 
 May       604.60       up 8.40 
 Jul       607.80       up 8.20 
 
Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 
 
Jan/Mar       11.60 under to 12.70 under       11,596 
Jan/May       21.40 under to 23.20 under          196 
Jan/Jul       22.60 under to 25.80 under           80 
Jan/Nov        0.40 over to 0.00 under              2 
Mar/May        9.00 under to 11.00 under        5,324 
Mar/Jul       12.10 under to 12.30 under           13 
May/Jul        1.60 under to 4.50 under         2,070 
May/Nov       19.00 over                           20 
May/Jan       16.00 over                           34 
Jul/Nov       24.00 over to 20.00 over            523 
Nov/Jan        4.00 under to 5.00 under            46

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

12-02-24 1541ET