ICE Canola Midday: Contracts gaining traction as 2024 wraps up
Gains in crude pushing up canola, other veg oils
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned around from earlier losses to be posting small gains late Tuesday morning in thin holiday trading.
The markets in Canada and the United States will be closed tomorrow for New Year’s. Also, today marks the first notice day for January futures.
As small increases in crude oil improve, there has been more spillover going into the vegetable oils. That’s pushed the Chicago soy complex into positive territory. Meanwhile, most positions in European rapeseed were higher, but Malaysian palm oil fell back.
The March canola contract rose above its 20-day moving average but remained below its other major averages.
Canola crush margins added more ground with the March position exceeding C$119 per tonne above the futures.
The Canadian dollar was virtually unchanged by mid-session Tuesday, with the loonie at 69.53 U.S. cents.
Approximately 9,750 canola contracts were traded as of 10:07 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 616.70 up 2.60 May 625.70 up 3.00 Jul 629.20 up 3.90 Nov 607.00 up 3.30
