WINNIPEG, Dec. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Thursday morning, due to declines in the Chicago soy complex, European rapeseed and Malaysian palm oil.
The exception was the sparsely-traded January contract, which hit an all-time high of C$1,100.70 per tonne in the overnight trading.
Global crude oil prices were narrowly mixed, providing little direction to edible oil values.
Tight supplies and price rationing continued to underpin canola values. The frigid weather across the Prairies, combined with the holiday season, has slowed grain movement. A break in the below normal temperatures is forecast to break during the New Year’s weekend.
The Canadian dollar was slightly higher this morning, with the loonie at 78.20 U.S. cents compared to Wednesday’s close of 78.10.
About 1,850 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Price Change
Canola Jan 1,089.80 up 2.40
Mar 1,020.40 dn 2.10
May 990.80 dn 2.80
Jul 942.90 dn 3.50
