WINNIPEG -– Canola futures on the Intercontinental Exchange settled with small gains on Monday, while during trading the July contract surpassed C$700 per tonne for the first time.
An analyst said he expected selling activity soon after for the July contract. He also said rising canola prices have to do with the funds turning short positions for oilseeds into longs, as well as rising Chicago soyoil prices.
In addition, European rapeseed and Malaysian palm oil were higher. Crude oil was lower as talks between the U.S. and Iran are set to resume on Thursday.
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Glacier FarmMedia – SOYBEAN prices on the Chicago Board of Trade hit a three-month high before settling in negative territory…
At mid-afternoon, the Canadian dollar was steady compared to Friday’s close.
There were 68,979 canola contracts traded on Monday, compared to Friday when 74,948 contracts changed hands. Spreads accounted for 46,092 contracts in today’s trade.
Settlement prices are in Canadian dollars per metric tonne.
May 689.00 up 2.30
Jul 699.60 up 2.50
Nov 691.80 up 4.20
Jan 699.00 up 5.10
Spread trade prices are in Canadian dollars:
Mar/May 11.70 under to 12.30 under 8,705
Mar/Jul 22.20 under to 22.90 under 130
Mar/Nov 13.00 under to 14.90 under 1,112
May/Jul 10.20 under to 10.90 under 8,793
May/Nov 0.90 under to 3.10 under 45
Jul/Nov 9.80 over to 7.50 over 2,818
Jul/Jan 2.00 over to 0.10 over 433
Nov/Jan 6.10 under to 7.40 under 831
Nov/Jul 13.00 under to 14.90 under 8
Jan/Mar 3.70 under to 4.60 under 108
Mar/May 1.90 under to 2.50 under 29
Mar/Jul 3.30 under to 4.00 under 14
May/Jul 0.60 under to 1.10 under 19
Jul/Nov 7.10 over 1
