By Dave Sims, Commodity News Service Canada
Winnipeg, January 19 – The ICE Futures Canada canola market finished lower Monday, on choppy, thin-volume trading. Markets in the US were closed for the Martin Luther King Jr. holiday.
For the most part activity on the charts was confined to a narrow trading range as traders didn’t want to push values too far, analysts said.
Malaysian palm oil was under pressure, which weighed on values while the Canadian dollar was slightly higher against its American counterpart which made canola less attractive on the international stage.
However, European rapeseed futures were slightly stronger which
helped to underpin the market while expected hot, dry weather over the next five days in Brazil also lent support to prices.
Around 6,372 canola contracts were traded on Monday, which
compares with Friday when around 19,728 contracts changed hands.
Spreading accounted for 4,804 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric ton.
