Glacier FarmMedia — ICE canola futures were weaker Friday morning, falling in sympathy with Chicago soyoil.
European rapeseed and Malaysian palm oil were also down in overnight trade, with declines in crude oil behind some of the softness in the world vegetable oil markets.
Weekly Canadian canola exports of 284,600 tonnes during the week ended Nov. 16 were more than double what moved the previous week and the largest weekly total of the crop-year-to-date. However, total movement remains well behind the year-ago pace with about 1.8 million tonnes moved through 15 weeks, according to Canadian Grain Commission data.
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The January contract dipped below its 20-day moving average but managed to find some support and was holding above that technical level in early activity.
About 16,600 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric tonne at 8:49 CST:
Canola Jan 645.50 dn 4.70
Mar 657.80 dn 5.20
May 667.80 dn 5.20
Jul 673.40 dn 4.70
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
