WINNIPEG, Manitoba--The ICE Futures canola market was weaker Friday morning after trading to both sides of unchanged in overnight activity.

Canola futures climbed to their highest levels since the beginning of January earlier this week, before seeing a modest correction on Thursday. Chart-based positioning kept the bias lower heading into the weekend, although former resistance levels were holding as support.

Chicago soyoil and soybean futures were softer in early trade, putting some spillover pressure on the Canadian oilseed.

Malaysian palm oil and European rapeseed futures were also down on the day.

The Canadian dollar was weaker Friday morning, providing some underlying support.

About 10,100 canola contracts had traded as of 9:45 a.m. EDT. Prices in Canadian dollars per metric ton at 9:45 a.m. EDT: 


Canola 
         Price     Change 
May      639.20    dn 3.70 
Jul      648.80    dn 3.60 
Nov      656.70    dn 3.80 
Jan      664.50    dn 3.80

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


(END) Dow Jones Newswires

03-22-24 1021ET