WINNIPEG – The ICE Futures canola market was mixed on Thursday, swayed by weakness in crude oil and the Canadian dollar.
Chicago soyoil was lower this morning, as well as Malaysian palm oil, while European rapeseed was higher. Crude oil was lower as it was affected by declining stockpiles in the United States as well as a stronger greenback.
One trader said that canola is undergoing a “year-end juggling of positions”, which is upending the market.
“If anyone has any profits in any positions, you take the money and run (at) year-end,” the trader said. “The market is jumbled up, kind of mixed and choppy and a lot of the money is saying there’s not much point in hanging in there, at least for now.”
The Canadian dollar was more than two-tenths of a U.S. cent lower than Wednesday’s close.
Nearly 10,180 contracts were traded as of 10:15 CST.
Price Change
Canola Jan 860.20 up 1.50
Mar 857.40 unchanged
May 853.20 dn 0.70
Jul 849.40 dn 2.10
