ICE Canola Down Slightly In Quiet Holiday Trade

By Phil Franz-Warkentin, Commodity News Service Canada

November 28, 2013

Winnipeg – Canola contracts on the ICE Futures Canada platform were slightly weaker at 10:40 CST Thursday, in very quiet trade. US markets are closed today for Thanksgiving, and the lack of direction from south of the border was keeping Canadian traders to the sidelines as well.

Canada’s record large canola crop and logistical issues moving those supplies remained bearish for canola prices, according to participants. The relatively favourable crop prospects for soybeans in South America were also overhanging the oilseed markets in general.

The Canadian dollar was holding steady on Thursday, but the recent weakness in the currency did provide some underlying support for canola.

Overnight advances in Malaysian palm oil helped temper the declines as well.

About 1,700 canola contracts had traded as of 10:40 CST.

Milling wheat, durum, and barley futures were untraded on Thursday, after wheat saw some minor price revisions following Wednesday’s close.

Prices in Canadian dollars per metric ton at 10:40 CST:

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