Glacier FarmMedia — The ICE Futures canola market was weaker at Monday’s close after trading to both sides of unchanged in choppy activity.
- The May contract settled near the middle of its C$8-per-tonne trading range for the session, losing only 40 cents at the final bell.
- Chicago soyoil hit fresh contract highs, with the ongoing uncertainty over the war in the Middle East keeping some caution in global markets — including vegetable oils.
- Speculative fund traders are holding a large net long position in canola of just over 100,000 contracts, according to the latest Commitments of Traders report.
- The Canadian dollar was slightly firmer but remained near four-month lows relative to its United States counterpart. The softer currency is supportive for crush margins, which have widened to record levels over the past month.
- There were 35,331 contracts traded on Monday, which compares with Thursday when 57,301 contracts changed hands. Markets were closed April 3 for Good Friday. Spreading accounted for 24,240 of the contracts traded.
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