ICE Canola Turns Mixed After Hitting New Highs Overnight

WINNIPEG, Manitoba--The ICE Futures canola market was mixed Monday morning, retreating from earlier gains in choppy trade.

The nearby contracts had set fresh highs in overnight activity, but ran into some resistance and turned mixed as the North American day session got underway.

The Chicago Board of Trade soy complex was still holding onto gains, but was off its highs as well.

Ongoing concerns over tight canola supplies remained a supportive influence, but the market is also thought to be looking overpriced at current levels.

The Canadian dollar was firmer in early trade, which also weighed on canola.

Statistics Canada releases updated acreage estimates on Friday, Dec. 3.

About 5,300 canola contracts had traded as of 9:39 EST.

 
     Prices in Canadian dollars per metric ton at 9:39 EST: 
 
                          Price      Change 
Canola            Jan   1,038.70     dn  0.20 
                  Mar   1,002.50     dn  1.40 
                  May     966.30     up  2.80 
                  Jul     913.30     dn  4.30 
 

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

(END) Dow Jones Newswires

11-29-21 1020ET