WINNIPEG – The ICE Futures canola market was trading sideways to lower on Tuesday despite a rebound in the Chicago soy complex.
One trader said that while there were supportive factors for canola, there is little trade activity due to the upcoming holiday season and farmers aren’t interested in selling.
“Farmers are cash-adequate going into 2023. Basically, commercials have no interest,” the trader said. “The fireworks are off the (January contract). The fireworks are off flat price canola. I see it sliding into 2023 sideways.”
Chicago soyoil was continuing its rally from Monday, while Malaysian palm oil was also making gains. On the other hand, European rapeseed was slightly lower. There was choppy trade for crude oil, affected by a weak global demand outlook and the easing of COVID-19 restrictions in China.
The Canadian dollar was up two-tenths of a United States cent from Monday’s close at midday.
Nearly 14,180 canola contracts were traded as of 10:21 CST.
Price Change
Canola Jan 849.50 dn 3.10
Mar 845.80 dn 0.10
May 840.30 dn 3.50
Jul 837.50 dn 4.00
