ICE Canola Midday: Stronger veg oils lending support
'We got overextended to the downside' says analyst
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued higher late Friday morning, boosted by strong gains in Chicago soyoil, Malaysian palm oil and European rapeseed.
Additional support came from increases in Chicago soybeans, but soymeal was lower. Slight upticks in crude oil spilled over into to the vegetable oils.
“We got overextended to the downside,” an analyst stated, noting the trade took comments about tariffs recently made by United States President-elect Donald Trump too seriously.
Volumes in canola were higher as the U.S. markets were back in action following Thanksgiving. The Chicago market will close at 12:05 pm today, while canola trades its usual hours.
The Canadian dollar was relatively steady by mid-session Friday, with the loonie at 71.41 U.S. cents compared to Thursday’s close of 71.38.
Approximately 30,300 canola contracts were traded as of 10:20 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 578.30 up 7.00 Mar 590.80 up 6.30 May 601.30 up 5.30 Jul 604.70 up 4.80
