Glacier FarmMedia — ICE canola futures were stronger Friday morning, taking some direction from crude oil and Chicago soyoil.
- Ongoing uncertainty over the war in the Middle East continued to keep some caution in the world energy markets, with the bias higher in crude oil for the time being.
- New measures to support farmers in the United States, including biofuel blending requirements, are expected to be announced by President Donald Trump later Friday. Any reaction in the Chicago soy complex will likely spill into the canola market.
- The nearby technical trends remain pointed higher for canola, with the May contract at its highest levels in two weeks.
- The Canadian dollar was slightly softer Friday morning, after losing three-quarters of a cent relative to its U.S. counterpart over the past week.
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ICE canola turning mixed at midday Friday
Glacier FarmMedia — ICE Futures canola contracts were backing away from early gains at midday Friday, turning mixed as traders…
- About 15,900 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric tonne at 8:45 CDT:
Canola May 730.50 up 1.10
Jul 743.30 up 0.90
Nov 737.90 up 1.10
Jan 744.50 up 1.60
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