By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 30 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Wednesday morning, as Chicago soyoil was down.
The end to the three-week-old strike by grain inspectors and oilseed workers in Argentina meant declines in the Chicago soy complex.
European rapeseed was slightly lower as well, but there were gains in Malaysian palm oil.
Market concerns over tight canola supplies remain in the background.
Light trading volumes raise the possibility for volatility in canola prices.
Due to continued weakness in the United States dollar, the Canadian dollar was slightly higher. The loonie was at 78.16 U.S. cents, compared to Tuesday’s close of 78.09.
About 2,800 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Mar 632.70 dn 3.50
May 620.10 dn 3.60
Jul 606.70 dn 2.70
Nov 535.90 dn 0.10
