By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 24 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, retreating from earlier gains as traders squared positions ahead of the United States Thanksgiving holiday.
Soyoil futures at the Chicago Board of Trade were still stronger at midday, but soybeans, corn and wheat futures were all lower.
“We’re just following the break in the U.S.,” said a Winnipeg-based trader. He added that chart-based positioning was likely a feature in canola, with no real change from a fundamental standpoint.
The canola market will trade its usual hours on Thursday while the U.S. closes for Thanksgiving, which could lead to some volatility in thin volumes.
About 12,000 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Price Change
Canola Jan 1,020.10 dn 4.60
Mar 992.30 dn 5.10
May 955.30 dn 6.80
Jul 912.50 dn 7.60
