By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 23 (MarketsFarm) – ICE Futures canola contracts were slightly weaker at midday Monday, as traders adjusted positions ahead of the holidays and the market backed away from two-month highs.
The North American agricultural markets will close early on Tuesday, with the ICE canola market remaining closed through Christmas and Boxing Day. Trade in canola will resume on Friday, Dec. 27. The Chicago market reopens a day earlier.
Soybean futures were posting small gains at midday, which provided some spillover support for canola. A weaker tone in the Canadian dollar was also supportive.
However, losses in CBOT soyoil put some pressure on values. Large supplies in the commercial pipeline also weighed on prices.
About 21,000 canola contracts traded as of 10:47 CST, with intermonth spreading a feature as participants roll out of the nearby January contract.
Prices in Canadian dollars per metric tonne at 10:47 CST:
Price Change
Canola Jan 466.50 dn 1.80
Mar 475.70 dn 1.80
May 484.80 dn 2.40
Jul 491.10 dn 2.90
