ICE Midday: Canola lower as weekend approaches

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was seeing another day of declines at midday Friday, due to weakness in most comparable oils.

One analyst noted that negative price movement in Chicago soyoil and European rapeseed were pressuring canola prices, with the latter showing poor crop conditions. While small losses in crude oil pressured the oilseeds, gains in Malaysian palm oil helped to underpin values.

The Canadian dollar was down less than one-tenth of a United States cent compared to Thursday’s close.

About 16,700 contracts have traded at 10:16 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 578.80     dn  3.80

Jan 590.00     dn  4.40

Mar 600.40     dn  5.20

May 608.40     dn  5.60