By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 11 (MarketsFarm) – The ICE Futures canola market was mixed Friday morning, with losses in the front months and a firmer tone in the lightly-traded new crop contracts.
Chart-based selling ahead of the weekend was a feature, as Thursday’s retreat from nearby highs was seen as bearish from a technical standpoint.
Gains in the Chicago Board of Trade soy complex and a firmer tone in other outside oilseed markets provided underlying support, helping temper the declines.
Canada exported 164,900 tonnes of canola during the week ended Feb. 6, according to the latest Canadian Grain Commission data. That was up from the previous week, but total exports are still running well off the year-ago pace with the 3.5 million tonnes exported to-date down by 44 per cent from 2020/21.
About 9,000 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Price Change
Canola Mar 1,012.50 dn 7.30
May 1,001.40 dn 4.20
Jul 970.80 dn 7.90
Nov 848.10 dn 3.20
