ICE canola mostly lower in technical retreat after 3-month top
All figures in Canadian dollars unless noted
WINNIPEG, Manitoba, Nov 1 (Reuters) -ICE canola futures settled mostly lower on Friday on a round of profit-taking after the benchmark January contract RSF25 hit its highest level in more than three months, traders said.
* Canola retreateddespite higher soyoil BOv1, palm oil and crude oil CLc1 futures, as recent resistance and support levels in canola continue to hold.
* Most-traded ICE January canola futures RSF5 settled down $4.50 per metric ton at $645.90, remaining in a week-long range. The contract has tradedbetween $635 per metric ton and $659 since Oct.23, following a $100 rally that began Sept.16.
* November 2024 futures RSX4 settled down $4.50 at $631.20.
* "Really looks like the markets tried to move higher and just can't do it and it failed and we're probably going to have a bit of a downward move from here," said a trader.
* Western Canadian farmers are virtually finished with the 2024 harvest. Final production estimates by Statistics Canada have not yet been calculated. However, speculation is rife that the Canadian canola crop is even smaller than the 19 million metric tons the agency predicted in September.
* A story in farm publication The Western Producer, published as the canola market was closing, said analysts believe the crop might be less than 18 million tons, and as low as 17 million.
* Malaysian palm oil futures jumped more than 3% on Friday, hitting 28-month highs, on expectations of reduced production, good exports and rising competing vegoil values. January palm futures FCPOF25 climbed 3.6%. POI/
* Worries about a possible Iranian response to the recent Israeli air strikes on Iranian military facilities helped boost crude oil CLc1 prices, which had previously weakened after Israel's strikes did not hit oil production infrastructure. O/R
Reporting by Ed White; Editing by Shailesh Kuber
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