WINNIPEG, Manitoba--ICE Futures canola contracts were weaker at midday Friday, taking some direction from Chicago soyoil.
Optimism over the latest peace negotiations in the Middle East weighed on crude oil, which was down by over 3% and accounted for some of the weakness in world vegetable oil markets.
European rapeseed and Malaysian palm oil futures were also lower on the day.
Chart-based positioning ahead of the weekend was a feature, with the July and November canola contracts hovering around their 20-day moving averages.
Weekly Canadian canola exports of 117,800 tons were down from 252,300 tons the previous week and the lowest in 13 weeks. Crop year-to-date exports hit 7.55 million tons, which compares with 8.68 million tons at the same point the previous year.
