Glacier FarmMedia MarketsFarm – On the final trading day before Christmas, the ICE Futures canola market traded higher despite weaker comparable oils and a stronger Canadian dollar.
Chicago soyoil and Malaysian palm oil were down, while European rapeseed was up. Crude oil was also slightly lower.
The loonie was up one-tenth of a United States cent compared to Thursday’s close.
The Canadian Grain Commission reported the country exported 171,200 tonnes of canola during the week ended Dec. 17, the highest volume in seven weeks. However, the cumulative 2023-24 total of 2.42 million tonnes is down 28 per cent from last year’s pace.
One analyst said a weaker U.S. dollar helped support crude oil prices and both bumped up the Canadian dollar.
The ICE Futures canola market will be closed on Dec. 25 and 26 for Christmas Day and Boxing Day, respectively, before resuming trading on Dec. 27.
About 12,500 contracts have traded at 10:14 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 650.50 up 8.10
Mar 660.60 up 4.30
May 669.40 up 4.10
Jul 673.90 up 2.50
