By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures turned lower at mid-session on Friday, the last day of trading for 2022.
“It’s weird year-end trade,” an analyst commented.
The North American grain markets will be closed on Monday to mark the New Year with no overnight session. Trading is scheduled to resume Tuesday morning.
Canola was receiving support from strong upticks in Chicago soybeans and soymeal. Spillover was also coming from more modest increases in European rapeseed and Malaysian palm oil. However, sharp declines in Chicago soyoil weighed on values.
Global crude oil prices managed to turn around from earlier losses, but they have given up a good portion of their gains. Nevertheless crude was still providing support to vegetable oils.
The Canadian dollar was slightly higher on Friday with the loonie at 73.84 U.S. cents, compared to Thursday’s close of 73.76.
Approximately 8,350 canola contracts were traded as of 10:28 CST.
Prices in Canadian dollars per metric tonne at 10:28 CST:
Price Change Canola Mar 871.50 dn 3.60 May 869.60 dn 2.70 Jul 869.10 dn 1.60 Nov 837.10 dn 0.70
