ICE Canola Midday: Prices lower midday Tuesday

By Marlo Glass, MarketsFarm

WINNIPEG, Nov. 24 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, due to profit-taking ahead of the United States Thanksgiving long weekend.

“The U.S. Thanksgiving is notorious for some profit-taking leaking into the market,” remarked one Winnipeg-based trader, noting that canola values were due for a pullback.

Chicago soyoil contracts were lower in early trade, which kept pressure on canola prices. Nearby contracts were down by about half a cent in early activity.

Strength in the Canadian dollar was another limiting factor for canola. The dollar was around 76.8 United States cents.

Approximately 16,000 canola contracts were traded as of 10:45 CST.

Prices in Canadian dollars per metric tonne at 10:45 CST:

                          Price      Change
Canola            Jan     577.60    dn  6.60
                  Mar     574.40    dn  5.60
                  May     572.20    dn  4.60
                  Jul     564.90    dn  5.80

Futures Prices as of November 24, 2020

Price Change
Milling Wheat
1970-01-01 00:00
Price Change
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton


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