ICE Midday: Canola weakens, crude oil sinks

Glacier FarmMedia | MarketsFarm – The ICE Futures canola market showed small declines in the middle of trading on Friday due to mostly negative sentiment in comparable oils.

Malaysian palm oil was positive, but Chicago soyoil and European rapeseed were lower. Crude oil lost more than US$1 per barrel due to rising United States stockpiles and refinery maintenance. This is despite a deterioration in peace talks between Russia and Ukraine and a Ukrainian drone strike on a Russian pumping station.

One analyst said he is becoming hesitant to put more funds into canola due to uncertainty over tariffs. He also said there needs to be more demand rationing in the Canadian market.

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

About 33,300 contracts have traded at 10:07 CST. Prices in Canadian dollars per metric tonne:

Price          Change

Mar 666.90     dn  1.00

May 678.30     dn  1.80

Jul 684.80     dn  1.00

Nov 664.20     dn  0.70