ICE Review : Canola Pulls Back From Contract Highs

WINNIPEG, Manitoba--Intercontinental Exchange canola futures closed lower, as the oilseed backed away from contract highs.

Friday's losses in the new-crop contracts were smaller than those in the old crop positions.

The canola market will be closed on Monday for a holiday.

Pressure on canola came from declines in Chicago soybeans and soyoil, as well as MATIF rapeseed. Upticks in Malaysian palm oil and Chicago soymeal helped stem the losses. Crude oil edged up slightly, offering a little bit of spillover to the vegetable oils.

The May canola contract dipped below its 200-day moving average and it moved further away from its resistance level of 680 Canadian dollars per metric ton.

The Canadian Grain Commission reported year-to-date canola exports reached 3.77 million tons as of Feb. 8, versus 5.67 million the same time last year. Cumulative domestic use climbed to 6.47 million tons compared to 6.19 million a year ago.

The Canadian dollar continued to drop to 73.49 U.S. cents compared to Thursday's close of 73.67.

There were 82,956 contracts traded on Friday, compared to 98,783 on Thursday. Spreading accounted for 59,872 contracts traded.

Prices are in Canadian dollars per metric ton:

Contracts Price Change

 
   Mar       663.50 dn 4.30 
   May       675.10 dn 4.10 
   Jul       684.80 dn 3.30 
   Nov       679.20 dn 0.80 
 

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
   Contracts Prices                     Volume 
 
   Mar/May   11.20 under to 11.90 under 14,512 
   Mar/Jul   20.10 under to 21.40 under    240 
   Mar/Nov   12.40 under to 15.40 under    537 
   May/Jul    8.10 under to 9.80 under   8,686 
   May/Nov    1.20 under to 3.60 under      17 
   Jul/Nov    8.20 over to 5.20 over     5,756 
   Nov/Jan    6.80 under to 7.40 under     152 
   Jan/Mar    4.60 under to 5.10 under      36 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

02-13-26 1558ET