Glacier FarmMedia — ICE Futures canola contracts were posting small gains at midday Monday, although activity was choppy as the market consolidated to start the week after dropping sharply on Friday.
Losses in Chicago soybeans and soyoil accounted for some spillover selling pressure in the canola market. European rapeseed and Malaysian palm oil held closer to unchanged.
U.S. markets will be closed on Thursday for Thanksgiving, with participants already thought to be moving to the sidelines and squaring positions ahead of the holiday.
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The January canola contract was trading in a range between its 20- and 50-day moving averages, lacking much incentive to break higher or lower.
A lack of significant export demand continued to weigh on values, although farmers also remained reluctant sellers on any moves lower.
An estimated 23,600 canola contracts traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Canola Jan 641.80 up 0.70
Mar 654.60 up 0.90
May 665.60 up 1.20
Jul 671.20 up 0.50
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
