ICE canola narrowly mixed in thin holiday volumes

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was holding near unchanged Thursday morning in thin and choppy activity with markets in the United States closed for Thanksgiving.

U.S. markets will only open for reduced hours on Friday, and the lack of direction from the soy complex had the canola market consolidating just above its September lows.

Ideas recent losses were overdone provided underlying support, with tightening supply projections ahead of the Dec. 5 Statistics Canada production report adding to the firmer tone.

However, uncertainty over U.S. trade policy when Donald Trump takes office in the New Year kept some caution in the futures.

About 6,600 canola contracts had traded as of 8:34 CST.

Prices in Canadian dollars per metric ton at 8:34 CST:

Canola            Jan   564.60   unchanged

Mar   579.00    dn  0.10

May   591.40   unchanged

Jul   596.80    up  0.20