By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 27 (MarketsFarm) – The ICE Futures canola market was slightly firmer Wednesday morning, seeing a modest correction after dropping sharply earlier this week.
Striking employees of Canadian National Railway (CN Rail) returned to work on Wednesday after an agreement to a week-long strike was reached on Tuesday. The resumption of rail traffic was seen as a supportive influence on the market.
Solid demand from domestic crushers and ideas that canola is looking cheap compared to other oilseeds were also supportive.
Markets in the United States will be closed Thursday for Thanksgiving and only operate on reduced hours on Friday, with many traders already moving to the sidelines ahead of the holiday. Chicago Board of Trade soybeans were holding steady in early activity.
About 2,600 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Jan 457.30 up 0.10
Mar 467.00 up 0.60
May 475.70 up 0.70
Jul 482.40 up 0.90
