ICE Canola Midday: Prices trying to push higher
By Glen Hallick
Glacier FarmMedia | MarketsFarm – There were small gains in canola on the Intercontinental Exchange mid-morning Thursday, as the Christmas lull takes greater hold over trading, an analyst said.
The analyst said the only two factors that could spark major movement would pertain to geopolitics or the weather.
Slight increases in Chicago soybeans and soymeal as well as in MATIF rapeseed offered support to canola. Declines in Malaysian palm oil limited any further upswings in the Canadian oilseed. Losses in crude oil weighed on the vegetable oils.
While the domestic canola crush is said to be at capacity, the trade contends with sagging exports that have been further compounded by a record canola harvest.
The Canadian dollar was stronger at mid-session Thursday, with the loonie at 72.59 U.S. cents, compared to Wednesday’s close of 72.28
Approximately 47,000 canola contracts were traded as of 10:31 am CST, with prices in Canadian dollars per metric tonne:
Canola Jan 616.30 up 0.90
Mar 628.60 up 1.70
May 639.90 up 1.50
Jul 647.10 up 1.30
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
