ICE Canada Morning Comment : Canola moves away from new highs

WINNIPEG--Intercontinental Exchange canola futures were lower Friday morning, backing away from new contract highs as the Canadian markets resumed trading following Remembrance Day.

Declines in Chicago soyoil and European rapeseed weighed on values while support came from Chicago soybeans and soymeal as well as Malaysian palm oil.

In light of strong gains in the U.S. dollar, the Canadian dollar was weaker with the loonie at 79.48 U.S. cents compared with Wednesday's close of 80.31.

About 4,700 canola contracts had traded as of 9:35 a.m. ET.

Prices in Canadian dollars per metric tonne at 9:35 a.m. ET:

      Price    Change 
Canola 
 Jan  1,002.80 dn 1.60 
 Mar    972.00 dn 4.70 
 May    939.50 dn 5.40 
 Jul    899.50 dn 4.40 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

11-12-21 1002ET