By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 23 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, as traders took profits ahead of the Christmas break.
North American markets will be closed Friday, Dec. 24, for Christmas, with the Canadian ICE canola market remaining closed through Monday, Dec. 27, for Boxing Day. Futures in the United States will trade their usual hours on Monday and a trader noted that the extra-long Canadian holiday likely contributed to the liquidation selling in canola.
The losses in canola came despite strength in outside markets, with Chicago Board of Trade soyoil, Malaysian palm oil, and European rapeseed futures all higher.
Ongoing concerns over tight supplies and the need to ration demand also remained supportive, although canola is thought to be looking overpriced at current levels.
About 12,400 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Jan 1,000.90 dn 17.90
Mar 996.20 dn 14.50
May 966.60 dn 10.90
Jul 919.10 dn 9.20
