ICE canola weaker in thin holiday trade

WINNIPEG, Nov. 24 (MarketsFarm) – ICE Futures canola contracts remained pointed lower on Thursday, posting losses for the seventh-straight session as the bearish technical momentum weighed on the market.

Markets in the United States were closed Thursday for the Thanksgiving holiday and will only be open for reduced hours on Friday, with the lack of direction from the Chicago soy complex limiting the price movement in canola.

“There’s not a lot of conviction (in the canola market) without the U.S. in full force,” said an analyst on the thin trade.

Malaysian palm oil and European rapeseed futures were both slightly firmer, providing some underlying support for canola. Wide crush margins and ideas canola was getting oversold also helped temper the declines.

About 9,000 canola contracts traded as of 10:29 CST.

Prices in Canadian dollars per metric tonne at 10:29 CST:

 

Canola            Jan   822.00    dn  7.10

                  Mar   813.30    dn  9.80

                  May   815.70    dn 10.90

                  Jul   821.70    dn 10.00