By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 29 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading either side of steady Friday morning, as there was little support from Chicago soyoil.
Soyoil was up by approximately a tenth of a United States cent. The Chicago Board of Trade resumed trading after the Thanksgiving holiday on Thursday.
Canola has remained attractively priced compared to other vegetable oils, which has provided support. It may also see spillover support coming from Malaysian palm oil and European rapeseed.
The technical bias was weighing on values as it’s to the downside and any bounce in prices likely won’t go very far, according to a report. Also, crop conditions in South American are generally favourable as the planting of soybeans continues.
The Canadian Grain Commission reported canola and soybean exports have slowed compared to last year due to the Canada and China dispute. However, canola was down 300,000 tonnes from the nearly 3.13 million tonnes in exports during 2018/19.
The Canadian dollar was lower this morning at 75.14 U.S. cents after closing Thursday at 75.24.
About 1,500 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Canola Jan 457.80 dn 0.10
Mar 467.00 unchanged
May 475.10 dn 0.10
Jul 481.70 up 0.30