By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 23 (MarketsFarm) – The ICE Futures canola market was posting small losses Thursday morning, in thin and choppy trade as participants move to the sidelines ahead of the Christmas holiday.
North American markets will be closed Friday, Dec. 24, for Christmas, with the Canadian ICE canola market remaining closed through Monday, Dec. 27, for Boxing Day. Futures in the United States will trade their usual hours on Monday.
Chicago Board of Trade soyoil futures were slightly softer in early activity, while soybeans held near unchanged. Malaysian palm oil and European rapeseed futures were both up overnight.
Ongoing concerns over tight supplies and the need to ration demand remained supportive, although canola is thought to be looking overpriced at current levels.
About 3,200 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric ton at 8:38 CST:
Price Change
Canola Jan 1,016.20 dn 2.60
Mar 1,007.60 dn 3.10
May 973.30 dn 4.40
Jul 924.50 dn 3.80
