ICE Canada Morning Comment: Canola slipping back
Markets closed tomorrow for New Year's
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued lower in sparse activity on Tuesday morning, as trading for the calendar year winds up. The markets in Canada and the United States will be closed Wednesday for New Year’s.
Today also marks first notice day for January futures.
Pressure on canola was coming from declines in Chicago soyoil and Malaysian palm oil, while most European rapeseed contracts were higher. Gains in Chicago soybeans and soymeal lent support to the Canadian oilseed. Small upticks in crude oil spilled over into the vegetable oils.
The March canola contract hovered near its 20-day moving average, while it pulled further away from its other major averages.
Canola crush margins edged upward with the March position climbing to more than C$119 per tonne above the futures.
The Canadian dollar stepped back on Tuesday morning, with the loonie slipping to 69.44 U.S. cents compared to Monday’s close of 69.55.
Approximately 3,100 contracts were traded by 8:32 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 611.90 dn 2.20 May 620.30 dn 2.40 Jul 623.60 dn 1.70 Nov 603.30 dn 0.40
