By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola pushed higher at midday Wednesday as trading resumed after being closed for Christmas and Boxing Day.
Activity in canola, as well as European rapeseed, were catching up with the gains made yesterday in the Chicago soy complex. However the latter was lower on Wednesday, while Malaysian palm oil was relatively steady. Modest declines in global crude oil prices put some pressure on the vegetable oils.
An analyst noted that commercial trading in canola will be quiet this week. He also said Brazil and Argentina are poised to produce large soybean crops in the New Year, which will weigh on canola values.
The Canadian dollar was stronger at mid-Wednesday morning with the loonie at 75.76 U.S cents, compared to Friday’s close of 75.43.
Approximately 20,200 canola contracts were traded as of 10:30 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 656.50 up 11.30 Mar 664.00 up 8.70 May 671.60 up 7.70 Jul 677.30 up 7.00
