By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 13 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Monday morning. Activity was thin and choppy with intermonth spreading the feature.
Investors were said to be busy squaring up positions ahead of the month- and year-end.
A softer tone in the Canadian dollar provided some support for canola, with overnight advances in Malaysian palm oil also supportive. Chicago Board of Trade soyoil futures had also moved higher in overnight activity, but turned lower at the start of the North American day session. CBOT soybeans were also weaker in early activity.
Canada’s tight supply situation remained a supportive price influence, although ideas that prices are high enough to ration demand kept the upside in check.
About 7,600 canola contracts had traded as of 8:40 CST, with the January/March spread accounting for the bulk of the volumes.
Prices in Canadian dollars per metric ton at 8:40 CST:
Price Change
Canola Jan 1,004.60 dn 1.00
Mar 977.70 dn 2.70
May 941.60 dn 1.80
Jul 895.50 up 1.50
