WINNIPEG, (Manitoba): ICE canola futures mostly eased on Monday, weighed down by sharper sell-offs of soybean oil and rapeseed. Long canola investors are taking positions in the November contract, rather than in July, over concerns that Canadian farmers may sell aggressively after spring planting season, a trader said.
July canola gave up $1.90 to settle at $733.20 per tonne. The November contract finished slightly higher.
July-November canola spread, the most active inter-month spread, traded 5,157 times. Statistics Canada on Tuesday is scheduled to report crop stocks as of March 31, 2023. The trade expects, on average, total canola stocks of 6.9 million tonnes, up from 5.2 million a year ago.
US soybean futures dipped in volatile trading, as near-term planting weather in the US looked positive.
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