By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 28 (MarketsFarm) – The ICE Futures canola market was holding near unchanged Thursday morning in very thin and choppy activity, as many participants kept to the sidelines with markets in the United States closed for Thanksgiving.
After dropping sharply earlier in the week the canola market found some support on Wednesday and remained somewhat supported in Thursday’s holiday trade.
Solid demand from domestic crushers and ideas canola remains cheap compared to other oilseeds were supportive.
However, ample supplies in the commercial pipeline kept a lid on any advances.
The Canadian dollar was holding steady in early activity, providing little direction.
About 420 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Price Change
Canola Jan 458.60 up 0.10
Mar 467.80 unchanged
May 476.20 up 0.10
Jul 482.40 up 0.90
