By Phil Franz-Warkentin
Glacier FarmMedia — The ICE Futures canola market was weaker at midday Friday, taking some direction from Chicago soyoil.
European rapeseed futures were also down on the day, although Chicago soybeans and Malaysian palm oil were firmer. Chart-based selling was a feature, as fund traders were thought to be liquidating long positions in canola.
A firmer tone in the Canadian dollar was another bearish influence, making exports less attractive to international buyers and cutting into crush margins.
Mixed Prairie growing conditions kept some weather premiums in the market, with dryness in some areas countered by relatively favourable weather elsewhere.
An estimated 27,700 canola contracts traded as of 10:20 CDT.
Prices in Canadian dollars per metric tonne at 10:20 CDT:
Canola Nov 686.00 dn 9.40
Jan 697.50 dn 8.40
Mar 706.00 dn 6.80
May 713.80 dn 4.50
