By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) – The ICE Futures canola market was bouncing around both sides of unchanged Friday morning as traders adjusted positions ahead of the Thanksgiving long weekend. Canadian markets will be closed Monday, Oct. 10 for the holiday.
Chicago Board of Trade soybeans and soyoil were weaker Friday morning, putting some spillover pressure on the Canadian oilseed. However, European rapeseed and Malaysian palm oil were both firmer in overnight activity.
Solid export demand also underpinned canola, with weekly exports of 300,500 tonnes the largest weekly total in two years, according to Canadian Grain Commission data. Farmer deliveries were also increasing though, bringing commercial stocks up to 1.24 million tonnes from 1.04 million the previous week.
About 5,400 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Nov 866.80 dn 0.10
Jan 874.60 dn 0.30
Mar 882.70 up 0.50
May 884.90 up 0.40
