By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 12 (MarketsFarm) – ICE Futures canola contracts were mixed at midday Monday, with the nearby January contract holding onto gains while the more deferred months were all lower. End of the year positioning was likely a feature, as participants were busy covering themselves ahead of the holidays.
A rally in Chicago soyoil provided some underlying support for the Canadian oilseed, but soybeans were lower. European rapeseed and Malaysian palm oil futures were also down sharply on the day.
Solid export demand and expectations for tightening canola supplies going forward provided some underlying support, although crush margins have deteriorated in recent weeks.
About 22,000 canola contracts traded as of 10:43 CST.
Prices in Canadian dollars per metric tonne at 10:43 CST:
Canola Jan 877.90 up 5.50
Mar 858.70 dn 2.20
May 853.40 dn 5.50
Jul 850.00 dn 8.90
