By Dave Sims, Commodity News Service Canada
WINNIPEG, November 26 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:45 CST Thursday in thin volume trading.
With the US market closed for American Thanksgiving, canola was looking for direction while at the same time feeling a slight lift from the Canadian currency, which was slightly weaker on the day.
“I don’t think you can really associate any reasoning behind the movement of a buck or two at this point in time because market participation is so low,” said an analyst.
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European rapeseed futures were testing resistance while Malaysian palm oil was also slightly higher overnight, which helped prop up values.
However, large global supplies of oilseeds limited the gains along with the prospects for another massive crop from South America.
As well, most investors expect the next Statistics Canada survey to reveal a large canola crop than previously forecast.
Around 3,000 contracts had traded as of 10:45 CST,
Thursday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
Price Change
Canola Jan 468.60 up 0.90
Mar 475.50 up 1.10
May 480.50 up 0.80
Milling Wheat Dec 236.00 unch
Mar 238.00 unch
Durum Dec 320.00 unch
Mar 325.00 unch
Barley Dec 189.00 unch
Mar 191.00 unch
