Daily Ag News

 

ICE Review: Canola weakens in thin trade

WINNIPEG – The ICE Futures canola market was weaker on Thursday, in thin trade with markets in the United States closed for Thanksgiving.

Bearish technical signals contributed to the declines in canola, as the chart trends remain pointed lower for the time being.

However, canola is thought to be looking oversold as it nears the bottom edge of its months-long sideways range. Gains in European rapeseed and Malaysian palm oil futures were also supportive.

About 16,525 canola contracts traded on Thursday, which compares with Wednesday when 28,756 contracts changed hands. Spreading accounted for 9,644 of the contracts traded.

Closing Prices: Nov. 24, 2022
C$/Tonne
ICE Canola Jan 820.60 -8.50
ICE Canola Mar 812.70 -10.40
ICE Canola May 816.40 -10.20
ICE Canola Jul 821.10 -10.60
U.S. cents/bushel
MGEX Spring Wheat Dec 957.75 0.00
KC Hard Red Wheat Dec 930.25 0.00
Chicago Soft Wheat Dec 793.50 0.00
CBOT Corn Dec 663.25 0.00
CBOT Oats Dec 394.75 0.00
CBOT Soybeans Jan 1436.00 0.00
CBOT Soybeans Mar 1442.00 0.00
CBOT Soybean Oil* Dec 74.91 0.00
CBOT Soybean Meal* Dec 409.70 0.00
*soyoil in cents/lb, soymeal in US$/T