ICE Canola Midday: Increases turn softer
Soyoil moves lower, losses in palm oil, rapeseed
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned softer by late Monday morning, pulled away from stronger increases by a turnaround in Chicago soyoil along with losses in Malaysian palm oil and European rapeseed.
Upticks in Chicago soybeans and soymeal helped to keep most of the actively traded canola contracts a pinch higher. Meanwhile, modest increases in crude oil underpinned the vegetable oils.
An analyst pointed to light holiday trading as one reason for canola backing away from larger gains earlier in the session.
“A lot of January positions are rolling off into to March,” the analyst added.
Tuesday is first notice day for January futures.
The Canadian dollar swung higher by mid-session Monday, with the loonie rising to 69.49 U.S. cents compared to Friday’s close of 69.37.
Approximately 14,100 canola contracts were traded as of 10:13 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 620.00 dn 1.90 Mar 617.60 up 0.40 May 624.60 up 1.10 Jul 627.70 up 1.90
