WINNIPEG--The ICE Futures canola market settled with double-digit gains on Monday, but finished off session highs.
Strength in crude oil helped support canola as speculation grew over a potential curb in output from OPEC+. Rising crude- oil prices spilled over into vegetable oils, where Chicago soyoil, European rapeseed and Malaysian palm oil also made gains.
While canola crush margins are returning to normal levels, they are still much higher from typical levels.
However, the Canadian dollar was stronger Monday, trading at more than three-tenths of a U.S. cent higher to put pressure on canola prices.
Weather conditions look favorable with high temperatures ranging from the teens to low-20 degrees Celsius earlier in the week before cooling off with sun and clouds throughout.
About 47,045 canola contracts were traded on Monday, which compares with Thursday when 49,576 contracts changed hands. The ICE canola market was closed on Friday for The National Day for Truth and Reconciliation.
Spreading accounted for 32,872 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Nov 863.80 up 11.80
Jan 872.30 up 12.10
Mar 879.00 up 11.80
May 880.80 up 11.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Nov/Jan 7.30 under to 9.00 under 8,072
Nov/Mar 14.30 under to 15.40 under 47 Nov/May 16.20 under 14 Nov/Nov 17.00 over to 7.60 over 78
Jan/Mar 6.40 under to 7.20 under 5,267
Jan/May 8.50 under 45
Mar/May 1.00 under to 2.50 under 1,531
Mar/July 2.00 under to 3.00 under 15 Mar/Nov 30.00 over 50 May/Jul 0.10 under to 2.00 under 610 Jul/Nov 34.50 over to 25.50 over 707
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
10-03-22 1628ET