WINNIPEG – The ICE Futures canola market struggled to find direction at midday Wednesday amid light trading despite rises in crude and vegetable oils.
One trader said that as the holiday season approaches, farmers are “staying close to home.”
“They’re not anxious to make any sales at this time of year. If they’re going to make sales, they’re going to do it in January,” the trader said. “I think prices are very attractive in (Canada), but they’re not garnering any strength.”
Chicago soyoil held steady for the most part, while European rapeseed and Malaysian palm oil both made gains. Crude oil rose more than US$1 per barrel after the Energy Information Agency (EIA) reported that United States crude oil inventories fell 5.9 million barrels last week.
The Canadian dollar was up less than one-tenth of a U.S. cent from Tuesday’s close.
Nearly 7,620 canola contracts were traded as of 10:17 CST.
Price Change
Canola Jan 857.90 dn 0.70
Mar 853.90 dn 0.30
May 851.10 up 1.20
Jul 849.40 up 1.00
