Glacier FarmMedia — The ICE Futures canola market was weaker on Friday, retreating from early gains as losses in the Chicago soy complex weighed on values.
- Updated biofuel targets from the United States government were generally seen as supportive for vegetable oil demand, but the new regulations were expected and profit-taking ahead of the weekend saw Chicago soyoil and soybeans turn lower, with that selling spilling into the canola market.
- The May canola contract fell below support at its 20-day moving average, encouraging additional selling pressure.
- 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.
- The Canadian dollar was softer on the day, dipping below 72 U.S. cents.
- There were 64,983 contracts traded on Friday, which compares with Thursday when 57,700 contracts changed hands. Spreading accounted for 46,150 of the contracts traded.
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