WINNIPEG, Dec. 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Tuesday morning, as the Canadian markets reopened after the Christmas holidays. Going into the New Year trading in canola is expected to be volatile.
The Canadian oilseed was attempting to recover from losses prior to the four-day shutdown, with some strength coming from gains in Chicago soyoil. Small gains in global crude oil prices also added a measure of support to edible oils. However, there were losses in Chicago soybeans and soymeal, plus European rapeseed and Malaysian palm oil.
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Tight supplies and the need to ration demand will continue to underpin canola values for some time.
There will be a spat of frigid weather across the Prairies, which could slow the amount of grain movement. Temperatures are forecast to improve by New Year’s Day.
The Canadian dollar was slightly higher this morning, with the loonie at 78.16 U.S. cents compared to Thursday’s close of 78.05.
About 5,100 canola contracts had traded as of 8:34 CST.
Prices in Canadian dollars per metric tonne at 8:34 CST:
Price Change
Canola Jan 1,018.50 up 8.80
Mar 1,017.30 up 13.60
May 985.20 up 10.50
Jul 935.90 up 7.80
