Glacier FarmMedia — The ICE canola market was weaker Friday morning, backing away from overnight gains as losses in Chicago soyoil weighed on prices.
European rapeseed and Malaysian palm oil were also lower, although soybeans were holding near unchanged.
Seasonal harvest pressure and ongoing concerns over lacking Chinese demand contributed to the softer tone in canola.
However, oversold price sentiment and a lack of significant farmer selling provided some support.
About 10,000 canola contracts traded as of 8:47 CDT.
Prices in Canadian dollars per metric tonne at 8:47 CDT:
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Canola Nov 619.80 dn 4.10
Jan 631.80 dn 4.60
Mar 643.20 dn 4.40
May 652.90 dn 4.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
