ICE canola correcting lower Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Friday morning, backing away from the three-month highs hit Thursday.

Chart-based positioning ahead of the weekend contributed to the declines, with losses in Chicago soyoil also weighing on values.

Weekly Canadian canola exports of 172,800 tonnes were down seven per cent on the week, according to Canadian Grain Commission data. However, crop-year-to-date exports at 5.85 million tonnes remain well ahead of the 3.17 million tonnes exported by the same time the previous year.

Uncertainty over tariff threats from the United States remained a bearish influence overhanging the market. Meanwhile, supportive chart signals and the need to ration demand kept values well supported.

About 21,000 canola contracts had traded as of 8:48 CST.

Prices in Canadian dollars per metric ton at 8:48 CST:

Canola            Mar   665.10    dn  2.80

May   676.30    dn  3.80

Jul   682.60    dn  3.20

Nov   662.00    dn  2.90