WINNIPEG, Manitoba--Intercontinental Exchange canola futures fell back Friday morning in a corrective move.

Speculation of possible Chinese tariffs on Canadian canola as well as those that could be imposed in 2025 by the Trump administration loomed over the market.

As losses in crude oil weighed on vegetable oil values, pressure on canola also came from declines in the Chicago soy complex.

However, support came from another round of contract highs in Malaysian palm oil. European rapeseed was mixed.

While the Canadian Grain Commission reported weekly canola exports dropping by a third to about 204,000 tonnes, year-to-date shipments advanced to nearly 3.10 million tonnes compared with 1.58 million a year ago.

There have been concerns in the trade that Canada's canola crop could come in well below the about 19 million tonnes estimated by Statistics Canada. The federal agency is scheduled to release its next production report Dec. 5.

The Canadian dollar was lower Friday morning, falling to 71.90 U.S. cents compared with Thursday's close of 72.12.

The ICE Futures canola market will be closed for trading and clearing operations on Monday, Nov. 11, for Remembrance Day. Trading resumes Monday evening at the normal time for trade date Tuesday, Nov. 12.

About 14,150 contracts were traded by 9:46 a.m. ET and prices in Canadian dollars per metric tonne were: 


Canola 
           Price      Change 
Jan       653.60     dn 6.20 
Mar       666.40     dn 6.00 
May       675.30     dn 6.10 
Jul       678.10     dn 7.80

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


(END) Dow Jones Newswires

11-08-24 1057ET