By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 23 (MarketsFarm) – The ICE Futures canola market was trading at fresh contract highs once again Wednesday morning, showing no signs of slowing the uptrend ahead of the holidays.
Speculators adding to their large net long positions were a feature, with tightening supplies and the need to ration demand also supportive.
Gains in Chicago Board of Trade soybeans and soyoil contributed to the early strength in canola.
However, scale-up farmer hedges and profit-taking at the highs put some pressure on values. The Canadian dollar was also stronger to start the day.
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The ICE canola market will close early on Thursday and remain closed through Monday, Dec. 28, for Christmas and Boxing Day – reopening on Tuesday, Dec. 29. The United States markets will also close early ahead of Christmas, but reopen on Monday, Dec. 28. Activity in the grains and oilseeds could turn volatile ahead of the holidays, as participants move to the sidelines and volumes thin out.
About 8,500 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Jan 641.50 up 2.90
Mar 632.40 up 4.30
May 617.70 up 5.20
Jul 600.50 up 4.10
