ICE Canola Down With Beans Early Friday

The ICE Futures canola market was weaker Friday morning, taking some direction from the Chicago Board of Trade soy complex.

Positioning ahead of the weekend added to the declines, as canola remains overpriced despite the tight supply situation.

Demand is already being rationed at current price levels, with total canola exports through the first six weeks of the 2021/22 crop year of 297,100 tonnes down 75% from the same time the previous year, according to the latest Canadian Grain Commission data.

However, ideas that actual production will end up below the already small 12.8 million tonnes forecast by Statistics Canada remained supportive.

About 3,000 canola contracts had traded as of 9:52 ET.

   Prices in Canadian dollars per metric ton at 9:52 ET:

                          Price      Change

Canola            Nov     864.50     dn 11.00

                  Jan     857.80     dn  9.70

                  Mar     847.80     dn  6.60

                  May     830.40     dn  6.20

  (END) Dow Jones Newswires
  09-17-21 1026ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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