By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 20 (MarketsFarm) – Intercontinental Exchange canola prices tracked higher at mid-morning Monday, buoyed by gains in Chicago soyoil.
Additional support came from upticks in Malaysian palm oil along with Chicago soybeans. However, losses in European rapeseed and Chicago soymeal attempted to limit canola’s rise. Increases in global crude oil prices spilled over into the vegetable oils.
With the United States Thanksgiving holiday on Thursday, an analyst said that will mark the beginning of a slower period in futures trading.
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“Unless something really major happens, I don’t think we will see much action,” he commented.
Canola crush margins bumped up a little with the nearby January position close to C$220 per tonne above futures.
Traders will soon begin positioning ahead of the Statistics Canada’s survey-based production report to be published in two weeks’ time.
The Canadian dollar was a pinch lower at mid-Monday morning as the loonie dipped to 72.82 U.S cents compared to Friday’s close of 72.88.
Approximately 23,150 canola contracts were traded as of 10:20 CST.
Prices in Canadian dollars per metric tonne at 10:20 CST:
Price Change Canola Jan 705.60 up 8.40 Mar 709.70 up 7.90 May 713.20 up 7.60 Jul 717.00 up 7.40
