By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 23 (CNS Canada) – ICE Futures Canada canola contracts were holding near unchanged Thursday morning in very quiet activity, as traders showed a reluctance to push values too far one way or the other with U.S. markets closed for the Thanksgiving holiday.
Canola remains trapped in a sideways trading range from a chart standpoint, with the January contract stuck between C$514 and C$520 per tonne.
Exporters and domestic crushers continue to show solid demand, but the commercial pipeline is well supplied for the time being.
Mounting concerns that dryness in Argentina could cut into soybean production there were also supportive for the oilseeds in general.
The Canadian dollar was holding steady in early activity, while crude oil was slightly firmer.
About 1,100 canola contracts had traded as of 8:52 CST.
