ICE canola slightly weaker Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was posting small losses Friday morning, seeing some follow-through selling after Thursday’s downturn.

A softer tone in Chicago soyoil and soybeans contributed to the weakness in canola, with Malaysian palm oil also lower in overnight trade. However, European rapeseed was stronger.

Tariff uncertainty continues to overhang the canola market, as Chinese tariffs on Canadian canola oil and meal came into effect on Thursday and broad U.S. tariffs are set to come into place on April 2.

Canola remains attractively priced compared to other global oilseeds, keeping some end user buying interest underneath the market.

About 10,200 canola contracts had traded as of 8:39 CDT.

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

Canola            May   572.20    dn  0.50

Jul   583.00    dn  1.20

Nov   587.40    dn  1.40

Jan   594.30    dn  1.40