WINNIPEG – The ICE Futures canola market was lower at midday on Friday because of lighter trading and positioning ahead of the holiday weekend. There will be no ICE canola trading on Dec. 26 and 27 due to the Christmas Day and Boxing Day holidays.
One trader said the canola market on Friday morning was “choppy and swingy.”
“There’s not much in the air in terms of fresh news. It still looks like this is mostly just a little money moving at year-end, causing these movements. But there are always triggers in a market as small as canola that like to push everything around,” the trader said.
Read Also
North American Grain/Oilseed Review: Canola falls back, wheat rises
Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange retreated further on Tuesday despite entering positive territory for…
Chicago soyoil was mixed with a negative bias, while European rapeseed was mostly lower and Malaysian palm oil was certainly lower. Meanwhile, crude oil gained more than US$2 per barrel after Russia said it would cut oil production in response to a price cap implemented by the European Union and the G7.
The Canadian dollar was up more than one-third of a United States cent from Thursday’s close.
Nearly 5,700 contracts were traded as of 10:14 CST.
Price Change
Canola Jan 859.10 dn 4.20
Mar 859.10 dn 2.10
May 855.40 dn 1.70
Jul 851.90 dn 1.30
