ICE Canada Morning Comment: Canola rises in light activity
Light holiday trading
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pushed higher in light holiday trading on Monday morning, as they received support from gains in the Chicago soy complex.
However, declines in Malaysian palm oil and most European rapeseed contracts stymied further increases in canola. Meanwhile, modest upticks in crude oil underpinned the vegetable oils.
The March canola contract held above its 20-day moving average, while it hovered near its 100-day average.
The Canadian dollar nudged upward on Monday morning, with the loonie at 69.44 U.S. cents compared to Tuesday’s close of 69.37.
Today is first notice day for January futures.
Approximately 4,750 contracts were traded by 8:36 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 624.40 up 2.50 Mar 621.10 up 3.90 May 627.60 up 4.10 Jul 629.80 up 4.00
