ICE Canola Falls Sharply at Midday

WINNIPEG, Manitoba--The ICE Futures canola market was sharply lower at midday Friday, taking back much of Thursday's gains with chart-based speculative selling ahead of the weekend a feature.

Losses in the Chicago soy complex accounted for some spillover weakness in the Canadian oilseed. European rapeseed futures were also lower, although Malaysian palm oil posted small gains overnight.

Large old crop supplies and relatively favorable Prairie weather conditions contributed to the bearish tone in canola, with end users showing little interest in bidding up the market.

Weakness in the Canadian dollar provided some underlying support.

An estimated 33,300 canola contracts traded as of 12:04 EDT.

 
Prices in Canadian dollars per metric ton at 12:04 EDT: 
 
Canola     Price         Change 
 Jul       626.90        dn 12.90 
 Nov       647.60        dn 13.10 
 Jan       655.00        dn 11.80 
 Mar       660.10        dn 10.90 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

06-07-24 1230ET