WINNIPEG – The ICE Futures canola market was weaker Friday morning, seeing a continuation of Thursday’s downturn as traders adjusted positions ahead of the weekend.
The failure to hold above the 50-day moving average in the January contract was bearish from a technical standpoint, with chart-based speculative selling contributing to the declines.
Losses in Chicago soybeans, European rapeseed and Malaysian palm oil futures were also overhanging the market, although soyoil futures were holding onto small gains.
The Canadian dollar was stronger in early activity, cutting into crush margins and making exports less attractive to global buyers. Weekly export data from the Canadian Grain Commission was delayed until Friday afternoon due to Monday’s Remembrance Day holiday.
About 9,100 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric ton at 8:43 CST:
Canola Jan 702.10 dn 4.70
Mar 706.10 dn 6.30
May 709.50 dn 6.30
Jul 712.60 dn 6.80
