Glacier FarmMedia – Canola futures on the Intercontinental Exchange were going down in the middle of Friday trading, mainly due to weaker vegetable oils, harvest pressure and a lack of exports.
Chicago soyoil, European rapeseed and Malaysian palm oil were down. However, crude oil was higher after Russia attacked Ukrainian natural gas facilities last night.
An analyst said November canola may try to test the support level of C$600 per tonne. The funds may also be squaring their positions ahead of the weekend.
Alberta and Saskatchewan will see high temperatures below 20 degrees Celsius later today, while a chance of thunderstorms is present for southern Manitoba. Temperatures in Manitoba are expected to drop to normal next week.
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The Canadian dollar was steady compared to Thursday’s close.
About 28,900 canola contracts have traded at 10:21 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 608.20 dn 5.60
Jan 621.20 dn 5.60
Mar 632.30 dn 5.50
May 642.60 dn 4.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
