WINNIPEG--The ICE Futures canola market was weaker Friday, retreating from earlier gains as bearish chart signals kept the momentum to the downside ahead of the weekend.

While strength in European rapeseed and Malaysian palm oil futures provided some support, a downturn in Chicago soyoil spilled over to weigh on the canola market.

Wide crush margins and solid demand from both exporters and domestic processors helped temper the losses.

Canola is also looking oversold from a technical standpoint, with the January contract nearing major support at C$800 per metric ton.

About 19,449 canola contracts traded Friday, which compares with Thursday when 16,525 contracts changed hands.

Spreading accounted for 11,716 of the contracts traded.


Settlement prices are in Canadian dollars per metric ton.


Canola

Jan 812.90 dn 7.70

Mar 805.60 dn 7.10

May 809.30 dn 7.10

Jul 814.40 dn 6.70


Spread trade prices are in Canadian dollars and the volume represents the number of spreads: 


   Jan/Mar 10.90 over to 6.80 over   2,250 
   Jan/May  4.10 over to 4.00 over      13 
   Jan/Jul  3.10 over to 0.50 under    273

Mar/May 2.70 under to 3.70 under 2,064 


   Mar/Jul  7.40 under to 8.70 under   330 
   May/Jul  4.30 under to 5.30 under   772 
   Jul/Nov 18.70 over to 14.00 over    156

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

11-25-22 1544ET