By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 17 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, recovering from overnight losses in choppy activity.
Year-end positioning remains a feature in the market, as traders move to the sidelines ahead of the holidays.
Weakness in the Canadian dollar provided some support. Ongoing concerns over tight supplies and the need to ration demand also continued to underpin the market.
Chicago Board of Trade soyoil futures were softer in early activity, putting some pressure on canola. However, soybeans were higher. Malaysian palm oil was also up in overnight trade.
About 6,200 canola contracts had traded as of 8:55 CST.
Prices in Canadian dollars per metric ton at 8:55 CST:
Price Change
Canola Jan 1,005.60 up 4.80
Mar 994.10 up 8.40
May 957.70 up 8.20
Jul 906.40 up 7.80
