ICE canola down with soyoil Friday morning

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was weaker Friday morning, as losses in the Chicago soy complex spilled over to weigh on values.

Soyoil futures were down sharply amid uncertainty over biofuel demand in the United States, as the government is said to be considering clearing a large backlog of requests from small refineries for exemptions from biofuel laws.

Chart-based positioning ahead of the weekend contributed to the softer tone in canola, although the market lagged soyoil to the downside.

Tight old crop supplies and dryness concerns for the new crop provided underlying support for canola.

About 9,000 canola contracts had traded as of 8:39 CDT.

Prices in Canadian dollars per metric ton at 8:39 CDT:

Canola            Jul   717.00    dn  2.80

Nov   690.10    dn  1.70

Jan   696.50    dn  1.20

Mar   701.30    dn  1.70