Glacier FarmMedia – Canola futures on the Intercontinental Exchange ended Monday trading with heavy losses due to doubts over additional Chinese purchases of United States soybeans.
In a meeting in Paris between U.S. Treasury Secretary Scott Bessent and Chinese trade officials over the weekend, the latter expressed interest in purchasing U.S. ag goods, but not necessarily soybeans.
U.S. President Donald Trump also said last weekend there were “positive responses” to calls for other nations to help secure the Strait of Hormuz.
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Glacier FarmMedia – Old crop SOYBEAN futures at the Chicago Board of Trade were down limit 70 United States cents…
An analyst said the market reaction to Trump’s comments were reactionary, as no coalition to secure the strait has been formed yet.
Crude oil lost more than US$4 per barrel today, while Chicago soyoil and European rapeseed were down sharply. Malaysian palm oil was up.
At mid-afternoon, the Canadian dollar was two-tenths of a U.S. cent higher compared to Friday’s close.
There were 74,453 canola contracts traded on Monday, compared to Friday when 34,000 contracts changed hands. Spreads accounted for 33,432 contracts in today’s trade.
Settlement prices are in Canadian dollars per metric tonne.
May 702.60 dn 37.30
Jul 711.80 dn 37.40
Nov 698.70 dn 35.50
Jan 703.60 dn 35.00
Spread trade prices are in Canadian dollars:
May/Jul 9.10 under to 10.30 under 10,373
May/Nov 6.80 over to 0.80 over 478
May/Jan 0.70 over to 3.00 under 14
Jul/Nov 16.20 over to 11.00 over 4,311
Jul/Jan 11.40 over to 6.70 over 39
Nov/Jan 4.20 under to 5.00 under 1,220
Nov/Jul 9.90 under to 10.00 under 20
Jan/Mar 2.80 under to 3.70 under 152
Jan/Jul 4.00 under to 5.10 under 10
Mar/May 0.70 under to 1.40 under 29
May/Jul 0.20 under to 0.50 under 64
Jul/Nov 18.50 over 6
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