ICE Canola Midday: Taking back some lost ground
U.S. markets closed for Thanksgiving
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger by late Thursday morning, attempting to recover from sharp losses this week generated by the threat of tariffs made by the incoming Trump administration.
An analyst stressed the “need to keep calm” in front of United States President-elect Donald Trump. He suggested Trump’s plan to slap tariffs on the country’s three largest trading partners was a means gain revenues to counter his forthcoming tax cuts.
Activity in canola was lighter as the United States markets are closed for Thanksgiving. Trading on Friday will be curtailed.
Support for canola was coming from gains in Malaysian palm oil and European rapeseed. Small upticks in crude oil underpinned the vegetable oils.
Meanwhile, the January canola contract remained well below its moving averages which pressured the oilseed’s prices.
The Canadian dollar was higher by mid-session Thursday, with the loonie at 71.39 U.S. cents compared to Wednesday’s close of 71.25.
Approximately 16,450 canola contracts were traded as of 10:21 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 577.00 up 12.40 Mar 590.50 up 11.40 May 601.90 up 10.50 Jul 606.00 up 9.40
