WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures closed lower on Monday, after making gains for most of the session.
This was despite support from gains in the Chicago soy complex, as well as in the front months of European rapeseed. There were declines in rapeseed's back months as well as in Malaysian palm oil.
Good upticks in crude oil were supportive of the vegetable oil markets.
Above normal temperatures across the Prairies continued aid the rapid pace of the region's harvest, which is near its end. Some rain was forecast for Alberta today and tomorrow, while Saskatchewan and Manitoba are to remain dry.
Agriculture and Agri-Food Canada agreed with Statistics Canada that this year's harvest should be around 12.8 million tonnes.
However, AAFC slashed its call on ending stocks by 75 percent at 500,000 tonnes.
At mid-afternoon the Canadian dollar swung higher, putting pressure on canola values. The loonie was at 79.23 U.S. cents, compared to Friday's close of 78.86.
There were 24,393 contracts traded on Monday, which compares with Friday when 22,772 contracts changed hands.
Spreading accounted for 16,820 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change Canola
Nov 883.60 dn 4.30 Jan 875.70 dn 2.80 Mar 867.20 dn 3.10 May 850.50 dn 4.70
Spread trade prices are Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Nov/Jan 9.70 over to 7.60 over 4,033 Nov/Mar 18.80 over to 15.50 over 138 Nov/May 33.20 over to 33.20 over 1 Nov/Jul 55.00 over to 54.00 over 7 Nov/Nov 174.60 over 14 Jan/Mar 9.40 over to 7.60 over 1,879 Jan/May 25.20 over to 24.10 over 1,385 Mar/May 16.90 over to 15.00 over 746 Mar/Jul 40.90 over to 37.50 over 65 May/Jul 24.10 over to 22.20 over 103 Jul/Nov 119.20 over to 111.30 over 19 Nov/Jan 10.00 over to 9.80 over 20
Source: Commodity News Service Canada
Write to Glen Hallick at news@marketsfarm.com
(END) Dow Jones Newswires
09-27-21 1538ET
