By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at mid-session on Thursday, despite pressure from most comparable oils.
An analyst chalked up the anomaly to “holiday trading which doesn’t make much sense.” He also noted these increases could fade away before the close, as what happened in the last hour of Wednesday’s trading.
Support for canola came from good gains in Chicago soyoil, while soybeans were relatively steady, and soymeal eased back. While European rapeseed turned narrowly mixed, there were slight upticks in Malaysian palm oil. Global crude oil prices were lower, which weighed on vegetable oil values.
Trading in the nearby January contract declined, with the open interest slipping below 1,200. The first notice day for January futures is tomorrow, with the long positions to be reported today.
The Canadian dollar was virtually unchanged on Thursday with the loonie at 73.73 U.S. cents.
Approximately 11,700 canola contracts were traded as of 10:31 CST.
Prices in Canadian dollars per metric tonne at 10:31 CST:
Price Change Canola Jan 870.80 up 11.80 Mar 876.30 up 12.30 May 874.00 up 12.50 Jul 872.90 up 13.30
