ICE Canola Futures Dip Ahead of Long Weekend

WINNIPEG, Manitoba --The ICE Futures canola market was posting small losses in the most active months at midday Friday, seeing some consolidation ahead of the weekend after posting solid gains over the past few sessions.

Early gains in Chicago Board of Trade soyoil and soybean futures had provided some underlying support for canola, however, the soy complex was well off its highs by midsession.

Strength in the Canadian dollar was also bearish for canola, as the currency climbed well above 80 U.S. cents. The currency move cuts into the already soft crush margins and makes exports more expensive for global buyers.

Canadian markets will be closed Monday for Thanksgiving. U.S. markets will trade their usual hours, although some U.S. government offices will be closed for Columbus Day.

About 11,600 canola contracts traded as of 11:45 EDT.

Prices in Canadian dollars per metric ton at 11:45 EDT:

                  Price          Change
   Canola         Nov 925.60    dn 1.70
                  Jan 914.40    dn 1.20
                  Mar 900.40    dn 0.70
                  May 879.40    dn 0.10


Source: Commodity News Service Canada (news@marketsfarm.com)


  (END) Dow Jones Newswires
  10-08-21 1228ET
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