ICE Canola Extends Gains, Supported By Chicago Soyoil

WINNIPEG, Manitoba--Intercontinental Exchange canola prices tracked higher at mid-morning Monday, buoyed by gains in Chicago soyoil.

Additional support came from increases in Malaysian palm oil along with Chicago soybeans. However, losses in European rapeseed and Chicago soymeal attempted to limit canola's rise. Increases in global crude oil prices spilled over into the vegetable oils.

The U.S. Thanksgiving holiday on Thursday will mark the beginning of a slower period in futures trading, according to an analyst.

"Unless something really major happens, I don't think we will see much action," the analyst said.

Canola crush margins bumped up a little with the nearby January position close to C$220 per metric ton above futures.

Traders will soon begin positioning ahead of the Statistics Canada's survey-based production report to be published in two weeks' time.

The Canadian dollar was a pinch lower at mid-Monday morning as the loonie dipped to 72.82 U.S cents compared to Friday's close of 72.88.

About 23,150 canola contracts were traded as of 11:20 a.m. ET.

Prices in Canadian dollars per metric ton at 11:20 a.m. ET:

Canola 
         Price     Change 
Jan      705.60    up 8.40 
Mar      709.70    up 7.90 
May      713.20    up 7.60 
Jul      717.00    up 7.40 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

11-20-23 1203ET