ICE Canada Morning Comment: Canola slips lower

By Glen Hallick

Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures stepped back Wednesday morning, following the Chicago soy complex to the downside.

There were also losses in Malaysian palm oil, while MATIF rapeseed was mostly higher. Upticks in crude oil lent support to the vegetable oils.

A record canola harvest and virtually no export sales to China continued to weigh on values.

The March canola contract remained behind its major moving averages, which added more pressure on the oilseed.

Canola crush margins pulled back a few dollars with the March position at about C$193.50 per tonne above the futures.

The Canadian dollar was virtually unchanged on Wednesday morning, with the loonie at 73.02 U.S. cents.

The markets will be closed tomorrow for New Year’s with trading set to resume on Friday at 8:30 a.m. CST.

Approximately 3,100 contracts had traded by 8:31 CST and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            Jan     592.90     dn  1.70

                  Mar     606.20     dn  2.60

                  May     616.40     dn  3.00

                  Jul     624.50     dn  2.70

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