Glacier FarmMedia — ICE Futures canola contracts were mostly lower at midday Friday, as losses in Chicago soyoil and positioning ahead of the weekend weighed on values.
- Malaysian palm oil was also weaker, but European rapeseed and Chicago soybeans were higher on the day.
- May canola traded just above chart support at its 50-day moving average.
- Ongoing uncertainty over the war in the Middle East kept some caution in the agricultural futures. Crude oil was seeing choppy trade, with the bias higher at midday.
- Large old crop supplies remained a bearish influence overhanging the canola market, although wide crush margins kept end-users showing some demand on a scale-down basis.
- An estimated 35,500 canola contracts traded as of 10:45 CDT.
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SOYBEAN futures at the Chicago Board of Trade were stronger on Friday, underpinned by solid crush margins and pre-weekend positioning….
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola May 705.30 dn 3.40
Jul 718.30 dn 3.60
Nov 718.60 dn 1.10
Jan 725.30 dn 1.80
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