By Terryn Shiells, Commodity News Service Canada
WINNIPEG – ICE Futures Canada canola contracts ended weaker on Thursday, amid very quiet choppy activity while the US markets were closed for Thanksgiving.
Canola could have moved higher on Thursday, as it has lagged the US markets by about C$15 per tonne this week. But, traders didn’t want to make any big moves before the markets reopen Friday morning, brokers said.
Weakness in outside oilseed markets, including Malaysian palm oil and European rapeseed futures overnight weighed on prices. Crude oil values were also tumbling on Thursday, after OPEC announced it won’t cut production to support prices.
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The large US soybean crop, and generally good conditions for the South American bean crop were also undermining the market.
Though, support came from the sharply lower Canadian dollar, which made canola more attractive to crushers and exporters.
Solid commercial demand for Canadian canola and continued slow farmer selling were also bullish.
About 6,414 contracts changed hands on Thursday, which compares with Wednesday when 17,756 contracts traded.
Milling wheat and durum futures were untraded and unchanged. Barley futures moved higher, with 50 contracts traded in total.
ICE Futures Canada settlement prices are in Canadian dollars per metric ton.
