By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 5 (MarketsFarm) – The ICE Futures canola market was mostly higher Monday morning, although activity was choppy. The market was seeing some consolidation to start the week after the wide price swings of Thursday and Friday that saw sharp losses followed by sharp gains.
Losses in Chicago soyoil futures accounted for some spillover selling pressure in the Canadian oilseed, with a firmer tone in the Canadian dollar also bearish.
However, gains in crude oil and European rapeseed provided some support on the other side. Ideas that canola remains attractively priced, despite crush margins losing ground last week, were also supportive.
About 11,300 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Canola Jan 851.30 up 2.00
Mar 843.30 up 1.60
May 845.40 up 0.60
Jul 849.30 up 1.00
