WINNIPEG, Manitoba--The ICE Futures canola market was weaker on Monday, dropping in sympathy with the Chicago Board of Trade soy complex as North American weather forecasts turn more moderate.
Chart-based selling contributed to the declines, with some stops likely hit on the way down.
Recent rains in parts of Western Canada helped boost crop prospects for canola. However, conditions remain hot in some areas and more moisture will be needed through the growing season.
Tight old crop supplies and uncertainty over new crop production remained supportive, with scale-down end user demand providing underlying support.
About 17,688 canola contracts traded on Monday, which compares with Friday when 18,097 contracts changed hands.
Spreading accounted for 4,018 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola
Jul 853.70 dn 17.30 Nov 727.60 dn 16.70 Jan 728.80 dn 16.00 Mar 726.10 dn 15.30
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Canola
Jul/Nov 133.70 over to 121.90 over 65 Nov/Jan 1.80 over to 1.70 under 1,699 Nov/Mar 5.00 over to 0.60 over 15 Jan/Mar 3.00 over to 0.80 over 215 Mar/May 3.50 over 4 May/Jul 7.10 over 1 Jul/Nov 108.00 over to 104.00 over 10
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
06-14-21 1531ET