ICE Canola Edges Higher Ahead of Holidays

Market watchers said activity is expected to turn thin and choppy over the next week, and the lighter volumes during the Christmas/ New Year’s period are resulting in a more cautious tone in the market.

A lack of selling from producers was also underpinning values, experts said.

Gains were limited by profit taking, as many traders were closing out positions ahead of the holidays. ICE Canada will be closed Friday, December 24 and Monday, December 27.

The Canadian dollar had recovered some its losses from Tuesday and was slightly stronger in early trade, restricting canola’s advances.

At 08:30 CST, there had been about 3,400 canola contracts traded.

Meanwhile, in western barley news, farmers are looking to sell at about 15 to 20 cents per bushel above current cash price levels, analysts said. Expectations for active buying in January could be supportive, especially as the general trend in the outside commodity markets appears to be higher.

Western barley futures were unchanged and untraded early Wednesday.

Prices in Canadian dollars per metric ton at 08:30 CST: