WINNIPEG--The ICE Futures canola market was stronger at Monday's close, recovering from earlier losses amid ongoing Prairie weather concerns.
While light shower activity was reported in some parts of the Prairies, any moisture at this time will only stabilize the crop and won't be enough to boost production.
A trader said uncertainty over the size of this year's canola crop, given the drought conditions in many areas, kept some caution in the futures with participants unsure what price level was needed to ration demand.
Early declines in Chicago Board of Trade soybeans put some spillover pressure on canola, but soybeans and soyoil were both higher on the day.
About 11,496 canola contracts traded on Monday, which compares with Friday, when 14,528 contracts changed hands. Spreading accounted for 4,256 of the contracts traded.
Settlement prices are in Canadian dollars per metric ton.
Canola Nov 896.40 up 13.00
Jan 880.90 up 13.50
Mar 862.80 up 12.70
May 843.30 up 12.50
Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume
Nov/Jan 18.00 over to 12.60 over 1,016
Nov/Mar 34.30 over to 31.00 over 205
Nov/May 52.30 over to 51.00 over 5
Nov/Jul 78.00 over 12
Nov/Nov 214.80 over to 210.80 over 4
Jan/Mar 18.50 over to 16.20 over 521
Mar/May 19.80 over to 17.40 over 187
Mar/Jul 44.30 over to 44.00 over 17
May/Jul 25.00 over to 22.50 over 109
Jul/Nov 136.70 over to 136.20 over 52
Source: Commodity News Service Canada, email@example.com
(END) Dow Jones Newswires