Glacier FarmMedia — The ICE Futures canola market eased off earlier gains to settle with small losses on Thursday. Activity was thin and choppy, with markets in the United States closed for Thanksgiving.
The January contract managed to hold above C$650 per tonne, which was supportive from a chart standpoint.
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. A firmer tone in the Canadian dollar also pressured values. U.S. markets will only open for reduced hours on Friday, which should keep trade subdued ahead of the weekend.
There were 20,768 contracts traded on Thursday, down from Wednesday when 38,815 contracts changed hands. Spreading accounted for 11,408 of the contracts traded.
