By Dwayne Klassen, Commodity News Service Canada
Winnipeg – December 24/12 – Canola futures on the ICE Canada
trading platform finished Monday’s abbreviated session on a firmer
footing with the buying back of previously sold positions a supportive
price influence, market watchers said.
Activity in canola was described as being on the extremely light
side, with numerous market participants absent amid the holiday
season. The ICE Canada platform will be closed on Tuesday, December 25
for Christmas and will remain closed on December 26 for the Boxing Day
will be closed on Tuesday, December 25, but will resume normal
operations on the Wednesday.
Some of the trade seen in canola during the session was believed
to be positioning for the US markets that will be open on Wednesday,
brokers said. Spreading was a key feature of the volume seen in canola
with few outright trades reported.
Some early strength in canola came from the overnight advances
posted by Malaysian palm oil futures. Strength in CBOT soybean and
soyoil futures on Monday contributed to the price strength, traders
Some of the upward price action in canola was also linked to
carryover from the advances seen on Friday. The pricing of old export
business by commercial accounts and some light domestic crusher buying
interest also added to the friendly price tone seen in canola, brokers
The upside in canola was capped by the favourable weather
conditions for the development of the South American soybean crop.
Firmness in the Canadian dollar and some late day profit-taking also
slowed the price advances in canola.
There were an estimated 9,254 canola contracts traded Monday,
down from the 26,153 contracts that changed hands during the previous
session. Of the contracts that changed hands, 8,480 were spread
No milling wheat, durum or barley contracts were traded.
Prices are in Canadian dollars per metric ton.