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ICE canola weaker Friday morning

| 1 min read

By Phil Franz-Warkentin

 

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting losses Friday morning, taking back all of Thursday’s gains amid ongoing concerns over a mounting trade dispute with China.

After announcing plans to start an anti-dumping investigation into Canadian canola imports earlier this week, China said Friday that it was requesting talks with the World Trade Organization regarding Canada’s proposal to raise tariffs on Chinese electric vehicles, steel and aluminum.

Chicago soyoil, European rapeseed and Malaysian palm oil were all weaker on Friday, adding to the softer tone in canola. However, soybeans were posting small gains in early activity.

Chart support was holding to the downside in canola, with end-user bargain hunting also thought to be coming forward at the lows.

Statistics Canada releases ending stocks data for 2023/24 on Monday.

About 7,000 canola contracts had traded as of 8:43 CDT.

 

Prices in Canadian dollars per metric ton at 8:43 CDT:

 

Canola            Nov   580.90    dn  7.00

Jan   592.70    dn  7.20

Mar   603.50    dn  7.40

May   610.80    dn  7.70