ICE canola weaker Friday morning

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm—The ICE Futures canola market was weaker Friday morning, seeing a continuation of Thursday’s retreat from nearby highs.

A move back below C$600 per tonne in the November contract was bearish from a chart standpoint, bringing in additional selling pressure.

Chicago soyoil, European rapeseed and Malaysian palm oil were all weaker.

Canada exported 228,600 tonnes of canola during the week ended Sept. 22, according to the latest Canadian Grain Commission data. The movement was down from the 310,300 tonnes moved the previous week, but year-to-date exports at 1.676 million tonnes were up by 240 per cent compared to what moved the same time in 2023-24.

The canola market will be closed Monday for the National Day of Truth and Reconciliation. Markets in the United States will trade their usual hours.

About 13,500 canola contracts had traded as of 8:33 CDT.

Prices in Canadian dollars per metric ton at 8:33 CDT:

Canola            Nov   593.00    dn  7.90

Jan   606.40    dn  7.30

Mar   617.50    dn  6.80

May   624.00    dn  7.40