WINNIPEG, (Manitoba): ICE most-active canola futures slipped on Friday, pressured by lower soyaoil and crude prices.
Crushers have scaled back canola buying after margins weakened this month, a trader said. Most-active March canola eased 20 cents to settle at $860.90 per tonne.
Earlier in the session, March canola surpassed its 50-day moving average and touched a three-week high, causing commodity funds to cover shorts. January-March canola spread, the most active inter-month spread, traded 7,158 times. US soyabean futures fell after the US Department of Agriculture increased its estimate of global ending stocks, though strong exports and South American weather concerns underpin the market.
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