ICE review: Canola falls with soy complex after early gains

Glacier FarmMedia — The ICE Futures canola market was weaker on Friday, retreating from early gains as losses in the Chicago soy complex weighed on values.

• Updated biofuel targets from the United States government were generally seen as supportive for vegetable oil demand, but the new regulations were expected and profit-taking ahead of the weekend saw Chicago soyoil and soybeans turn lower, with that selling spilling into the canola market.
• The May canola contract fell below support at its 20-day moving average, encouraging additional selling pressure.
• Ongoing uncertainty over the war in the Middle East continued to keep some caution in the world energy markets, with the bias higher in crude oil for the time being.
• The Canadian dollar was softer on the day, dipping below 72 U.S. cents.
• There were 64,983 contracts traded on Friday, which compares with Thursday when 57,700 contracts changed hands. Spreading accounted for 46,150 of the contracts traded.

Access the latest futures prices at https://www.producer.com/markets-futures-prices/

Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos