ICE Canada Morning Comment: Pre-Christmas trading pushing lower

By Glen Hallick, MarketsFarm

WINNIPEG, Dec. 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower on Tuesday morning, despite modest gains in the Chicago soy complex.

However, there were declines in European rapeseed and Malaysian palm oil. Global crude oil prices were slightly higher, offering some support to vegetable oils.

Trading volumes are expected to drop during the week, as the holidays approach.

Canola crush margins were on the rise, which underpinned demand.

Open interest in the nearby January contract slipped below 10,000.

The Canadian dollar was relatively steady on Tuesday morning, with the loonie at 73.27 U.S. cents compared to Monday’s close of 73.24.

About 7,500 contracts had traded as of 8:34 CST.

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

                          Price      Change

Canola            Jan     848.00     dn  4.60                

                  Mar     842.80     dn  3.10                

                  May     837.30     dn  6.50

                  Jul     832.60     dn  8.90

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