By Glen Hallick
Glacier Farm Media MarketsFarm – On the final day of trading for 2023, Intercontinental Exchange canola futures were down at midday Friday.
“There’s no fireworks today. The markets are going to whimper off into 2024,” an analyst commented, noting the low volumes of activity for canola and at the Chicago Board of Trade.
The latter’s soy complex pulled back, it put pressure on canola. Declines in European rapeseed and most Malaysian palm oil contracts also weighed on the Canadian oilseed’s values. Global crude oil prices were modestly higher, which helped to stymie further losses in vegetable oils.
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After sliding back from more than C$200 per tonne above the futures over the last several days, canola crush margins were relatively steady at around C$163/tonne.
The Canadian dollar turned around at mid-Friday morning to bump up higher, with the loonie at 75.79 U.S cents, compared to Thursday’s close of 75.69.
Markets in Canada and the United States will be closed on Monday to mark New Year’s. Trading is scheduled to resume Tuesday morning.
Approximately 11,650 canola contracts were traded as of 10:25 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 652.30 dn 7.80 May 661.50 dn 5.90 Jul 667.60 dn 5.90 Nov 665.00 dn 6.20
