WINNIPEG, Feb. 25 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, taking back Thursday’s gains on ideas the rally was overdone.
The grain and oilseed markets remained highly volatile, with all eyes focused on the developing situation in Ukraine.
Chicago Board of Trade soyoil and other world vegetable oil markets were all lower on Friday, with crude oil also down on the day. Meanwhile, the Canadian dollar was stronger, which also weighed on canola.
May canola dipped below its 20-day moving average for the first time in a week, contributing to the selling pressure as some stops were likely hit on the way down.
About 15,500 canola contracts traded as of 10:47 CST.
Prices in Canadian dollars per metric tonne at 10:47 CST:
Price Change
Canola Mar 1,023.70 dn 41.70
May 1,004.80 dn 47.30
Jul 980.00 dn 38.40
Nov 837.40 dn 43.30
