ICE Canada Morning Comment: Canola slips back
Trading resumes following holidays
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower Friday morning as activity resumed following Christmas and Boxing Day.
The March canola contract remained above its 20-day moving average but lagged behind its other major averages.
Pressure on the Canadian oilseed came from declines in Chicago soybeans and soymeal along with European rapeseed, but those losses were tempered by increases in Chicago soyoil and Malaysian palm oil. Meanwhile, upticks in crude oil spilled over into the vegetable oils.
The Canadian dollar dipped on Friday morning, with the loonie at 69.45 U.S. cents compared to Tuesday’s close of 69.51.
Today is the last trading day for January futures with first notice day on Tuesday.
Approximately 7,100 contracts were traded by 8:31 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Jan 618.70 dn 1.30 Mar 616.10 dn 3.70 May 621.20 dn 4.20 Jul 622.60 dn 5.50
