WINNIPEG–The ICE Futures canola market was stronger Thursday morning, taking back some of Wednesday’s losses as investors square positions in thin trade ahead of the holidays.
Gains in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola. Ongoing concerns over tightening supplies also underpinned the market.
The general technical uptrend remains in place, but analysts cautioned that activity could turn volatile as volumes thin out over the next week.
The ICE canola market will close early today and remain closed through Monday, Dec. 28, for Christmas and Boxing Day – reopening on Tuesday, Dec. 29. The United States markets will also close early ahead of Christmas, but reopen on Monday, Dec. 28.
Scale-up farmer hedges and profit-taking at the highs put some pressure on values. The Canadian dollar was also stronger to start the day.
About 4,400 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Price Change
Canola Jan 629.00 up 5.10
Mar 625.40 up 4.60
May 614.70 up 4.60
Jul 601.00 up 4.90
