ICE Canola Slightly Higher Ahead of Holiday

WINNIPEG, Manitoba--The ICE Futures canola market was mostly higher Friday, seeing some consolidation ahead of the weekend.

Canadian markets will be closed Monday for Thanksgiving.

The nearby November contract continued to test chart support at C$710 per metric ton, with an early move below that level quickly countered by fresh buying interest.

A firmer tone in Chicago soyoil provided some spillover support for canola, although soybeans were softer.

Wide crush margins remained another underpinning influence for canola, keeping domestic processors on the buy side. However, the Canadian dollar was stronger at midday, putting some pressure on values.

An estimated 19,500 canola contracts traded as of 12:12 p.m. EDT.

Prices in Canadian dollars per metric ton:

Canola

Months Prices Change

 
   Nov     712.90  up 1.70 
   Jan     720.20  up 0.90 
   Mar     727.30  dn 0.30 
   May     731.60  dn 0.50 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

10-06-23 1240ET