WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed higher on Monday, gleaning support from a sharp hike in Chicago soyoil.
MATIF rapeseed was mixed and Malaysian palm oil was relatively firm, with both providing little direction to canola. Pressure came from losses in Chicago soybeans and soymeal. Increases in crude oil attempted to underpin the vegetable oils.
Rolling out of the nearby March contract was also a feature.
An analyst said the March and May canola contracts are in good positions.
"With a reasonable basis attached to it (that's) a pretty darn good price," he said.
The March contract finished a couple of dollars short of its 200-day moving average.
The United States Department of Agriculture is scheduled to release its supply and demand estimates on Tuesday at 11 a.m. CST. The analyst said it's unlikely this report will be a major market mover and won't have much affect on canola prices.
The Canadian dollar was stronger on Monday afternoon, with the loonie at 73.75 U.S. cents compared to Friday's close of 73.27.
There were 75,858 contracts traded on Monday, compared to 52,745 on Friday. Spreading accounted for 69,014 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Mar 665.70 up 4.90
May 675.70 up 4.60
Jul 683.10 up 5.70
Nov 673.90 up 5.30 Spread trade prices are in Canadian dollars and the volume represents the number of spreads:
Months Prices Volume Mar/May 10.00 under to 11.10 under 25,062 Mar/Jul 17.00 under to 18.70 under 382 Mar/Nov 7.90 under to 10.60 under 822 May/Jul 6.10 under to 7.80 under 4,732 May/Nov 2.30 over to 1.50 over 13 May/Jan 5.60 under to 7.10 under 2 Jul/Nov 9.60 over to 7.10 over 3,040 Jul/Jan 1.30 over 1 Jul/Mar 3.50 under to 4.00 under 67 Nov/Jan 7.00 under to 7.60 under 283 Jan/Mar 5.50 under to 6.00 under 79 Mar/May 2.50 under to 2.60 under 8 May/Jul 1.00 under to 1.70 under 16
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-09-26 1515ET
