ICE Close: Nearby Months Lower; Deferreds Higher

Canola futures were mixed at Friday’s close, with losses in the front months and gains in the new-crop contracts.

Bearish technical signals weighed on prices early in the day. Large old-crop supplies, concerns over declining Chinese demand and strength in the Canadian dollar also put some pressure on values.

Losses in Chicago Board of Trade soyoil also weighed on canola for much of the day. However, soyoil managed to move higher by the close.

CBOT soybeans were also firm at the final bell, only seeing a muted reaction to the release of a number of reports from the USDA.

March canola was down 90 cents at $483.30, May dropped $1.10 to $491.80 and new-crop November was up 60 cents at $499.20.

Source: DePutter Publishing Ltd.

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