Glacier FarmMedia — ICE Futures canola contracts were holding onto small gains midday Thursday in thin and choppy trade.
Markets in the United States were closed for Thanksgiving and will only open for reduced hours on Friday. Many canola traders were also keeping to the sidelines. European rapeseed and Malaysian palm oil futures were higher on the day.
Wednesday’s close above C$650 per tonne in the January canola contract was supportive from a technical standpoint, with the next upside target at C$660 per tonne, said an analyst.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower on Thursday morning despite strength from comparable oils. European…
Statistics Canada will release updated production estimates on Dec. 4. Most market participants anticipate an upward revision to the September canola estimate of 20 million tonnes.
A lack of significant export demand remained a bearish influence tempering the upside in canola, with a firmer tone in the Canadian dollar also pressuring values.
An estimated 13,900 canola contracts traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Canola Jan 653.60 up 1.90
Mar 666.30 up 1.30
May 676.00 up 0.50
Jul 681.10 up 0.30
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
