CHICAGO: ICE canola futures ended lower on Friday as declines in US soyoil futures dragged the market down, overshadowing crusher buying that had lifted bellwether March canola to a six-week high in early moves, traders said.
March canola settled down $9.30 at $865.80 per tonne, retreating after a climb to $881, the contract’s highest since Nov. 16. Front-month January canola fell $12.70 to end at $858.40. The January-March canola spread widened, with the January contract finishing at a discount of $7.40 to the March, compared with a $4 discount a day earlier. For the year, front-month canola fell $154.40 per tonne, or 15.2%, as 2022 Canadian canola production rebounded after the 2021 drought.4%.
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