Glacier FarmMedia — ICE canola futures were weaker Friday morning, taking back some of Thursday’s advances as contracts consolidated just under nearby highs.
- Intermonth spreading remained a feature, with participants rolling out of the March contract and into the May. The May contract settled above its 200-day moving average on Thursday but was back below that chart level Friday morning.
- Losses in Chicago soybeans and soyoil accounted for some spillover selling in canola. European rapeseed and Malaysian palm oil were narrowly mixed.
- Canada exported 185,800 tonnes of canola during the week ended Feb. 8, which was up 41 per cent from the previous week. However, crop-year-to-date exports of 3.77 million tonnes remain well behind the 5.67 million tonnes exported by the same time the previous year.
- North American futures markets will be closed Monday for holidays in Canada and the United States.
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- About 23,500 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Canola Mar 662.70 dn 5.10
May 674.40 dn 4.80
Jul 682.90 dn 5.20
Nov 676.00 dn 4.00
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