By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 17 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mostly higher on Thursday morning, in choppy trading.
The January contract pushed to a new contract high of C$606.10 per tonne during the overnight session, but took a step back.
There was little direction from Chicago soyoil, which was relatively steady. European rapeseed was narrowly mixed and there were declines in Malaysian palm oil.
The Canadian Grain Commission is scheduled to release its latest grain movement report later today. The report could indicate if demand for canola is beginning to recede. There has been price rationing in the markets out of concerns about insufficient ending stocks.
A stronger Canadian dollar was weighing on canola values. The loonie was at 78.63 U.S. cents, compared to Wednesday’s close of 78.41.
About 9,000 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Price Change
Canola Jan 604.30 up 1.40
Mar 597.30 up 2.00
May 587.70 up 0.20
Jul 575.70 dn 0.80
