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ICE canola correcting lower Friday morning

| 2 min read

     Glacier FarmMedia — ICE canola futures were weaker Friday morning, taking back some of Thursday’s advances as contracts consolidated just under nearby highs.

  • Intermonth spreading remained a feature, with participants rolling out of the March contract and into the May. The May contract settled above its 200-day moving average on Thursday but was back below that chart level Friday morning.
  • Losses in Chicago soybeans and soyoil accounted for some spillover selling in canola. European rapeseed and Malaysian palm oil were narrowly mixed.
  • Canada exported 185,800 tonnes of canola during the week ended Feb. 8, which was up 41 per cent from the previous week. However, crop-year-to-date exports of 3.77 million tonnes remain well behind the 5.67 million tonnes exported by the same time the previous year.
  • North American futures markets will be closed Monday for holidays in Canada and the United States.
  • About 23,500 canola contracts had traded as of 8:38 CST.

     Prices in Canadian dollars per metric tonne at 8:38 CST:

Canola            Mar   662.70    dn  5.10

                  May   674.40    dn  4.80

                  Jul   682.90    dn  5.20

                  Nov   676.00    dn  4.00

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