ICE Review : Canola Sees Biggest One-Day Gain in Six Months

WINNIPEG, Manitoba--The ICE Futures canola market had its best day since late November on Monday, seeing some independent strength as chart-based positioning provided support.

While Chicago soyoil and European rapeseed traded higher, Malaysian palm oil was mostly lower and crude oil was down as price premiums from Middle East tensions slowly disappear.

At midafternoon, the Canadian dollar was up more than one-quarter of a U.S. cent compared to Friday's close.

Light rains were expected for much of the Prairies today, with the central Prairies expecting to see five to 10 millimetres of precipitation this week, while western Manitoba and the Foothills would see 20 to 30 mm. High temperatures were set to range from the midteens to low-20s Celsius.

There were 54,619 canola contracts traded on Monday, which compares with Friday when 44,915 contracts changed hands. Spreading accounted for 26,266 of the contracts traded. Settlement prices are in Canadian dollars per metric ton.

Canola PriceChange

May 626.90 up 17.10

Jul 640.60 up 17.80

Nov 654.30 up 16.40

Jan 662.90 up 16.10

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

MonthsPriceVolume

May/Jul 12.10 under to 14.50 under 6,226

   May/Nov 26.20 under to 29.40 under    124 
   May Jan 34.70 under to 37.90 under     29 

Jul/Nov 13.00 under to 15.70 under 5,135

Jul/Jan 23.20 under 2

Nov/Jan 8.30 under to 9.00 under 1,308

   Nov/Mar 14.40 under to 14.70 under     38 
   Jan/Mar 4.70 under to 5.70 under     259 
   Jan/May 4.00 under to 4.10 under     10 

Mar/May 0.10 over to 0.40 under 2

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

04-22-24 1641ET