By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 28 (CNS Canada) – ICE Futures canola contracts were weaker at midday Thursday, continuing their downward slide of the past week to hit fresh contract lows.
“It feels heavy in canola,” said a trader on the continued speculative selling.
He said large supplies of unpriced canola sitting in farmers’ bins across the Prairies likely added to the softer tone, as end users are well supplied and remain content to watch prices drift lower.
However, gains in Chicago Board of Trade soyoil and a slightly weaker tone in the Canadian dollar provided some support, helping crush margins improve.
About 19,000 canola contracts traded as of 10:48 CST, with the widening July/November spread a feature as the new crop contracts lagged the front months to the downside.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Price Change
Canola Mar 461.90 dn 3.80
May 469.20 dn 4.00
Jul 477.30 dn 3.60
Nov 485.10 dn 1.30
