ICE canola weakens in thin holiday trade

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Nov. 25 (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, although activity was thin and choppy with markets in the United States closed for Thanksgiving.
Malaysian palm oil and European rapeseed futures were both lower in overnight trade, which put some spillover pressure on the Canadian oilseed.
Ideas that canola is said to be looking overpriced at current levels also weighed on values.
However, the underlying fundamentals of tight supplies and the need to ration demand remained supportive.

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Monthly crush data released by Statistics Canada showed that 876,127 tonnes of canola were crushed in October, which was down by about 55,000 tonnes from the same month the previous year, but up by nearly 100,000 tonnes from September. The total canola crush through the first three months of the 2021/22 crop year, at 2.316 million tonnes, is only down by nine per cent from the 2.547 million tonnes crushed during the same time the previous year.
About 2,100 canola contracts traded as of 10:21 CST.

Prices in Canadian dollars per metric tonne at 10:21 CST:

Price Change
Canola Jan 1,029.00 dn 1.20
Mar 997.90 dn 1.50
May 960.60 dn 1.70
Jul 917.40 dn 1.70