Glacier FarmMedia — ICE Futures canola contracts were backing away from early gains at midday Friday, turning mixed as traders adjusted positions ahead of the weekend.
- Ongoing uncertainty over the war in the Middle East continued to keep some caution in the world energy markets, with the bias higher in crude oil for the time being.
- Chicago soyoil, European rapeseed and Malaysian palm oil futures were all stronger, although soyoil was off its highs while soybeans and meal were lower.
- New measures to support farmers in the United States, including biofuel blending requirements, are expected to be announced by President Donald Trump later in the day. Any reaction in the Chicago soy complex will likely spill into the canola market.
- The nearby technical trends remain pointed higher for canola, with the May contract hitting its highest levels in two weeks in early trade. However, speculators already holding large net long positions may be looking to book some profits ahead of the weekend.
- The Canadian dollar was slightly softer at midday Friday, after losing three-quarters of a cent relative to its U.S. counterpart over the past week.
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ICE canola rising Friday morning
Glacier FarmMedia — ICE canola futures were stronger Friday morning, taking some direction from crude oil and Chicago soyoil….
- An estimated 29,900 canola contracts traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Canola May 728.20 dn 1.20
Jul 741.10 dn 1.30
Nov 736.30 dn 0.50
Jan 743.50 up 0.60
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