By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were lower on Friday morning, following the Chicago soy complex to the downside.
MATIF rapeseed was easing back as well after it hit new contract highs on Thursday.
There were small increases in Malaysian palm oil that tempered the losses in canola. Crude oil was steady to lower, which put some pressure on the vegetable oils.
Rolling out of the March contract was still a feature in trading today, accounting for much of the activity.
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The most traded May contract stepped further away from its resistance level of C$680 per tonne and slipped below its 200-day moving average.
Canola exports for the week ended Feb. 8 of 185,800 tonnes were an improvement over the previous week, the Canadian Grain Commission reported. However, the year-to-date of 3.77 million tonnes was well behind the year ago of 5.67 million.
The Canadian dollar was slightly lower late Friday morning with the loonie at 73.43 U.S. cents compared to Thursday’s close of 73.50.
Approximately 53,100 canola contracts were traded as of 10:38 a.m. CST, with prices in Canadian dollars per metric tonne:
Canola Mar 659.00 dn 8.80
May 670.30 dn 8.90
Jul 680.20 dn 7.90
Nov 674.20 dn 5.80
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