By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 20 (CNS Canada) – ICE Futures canola contracts were mixed at midday Wednesday, with losses in the front months and a firmer tone in the more deferred positions as the old/new crop spreads saw some adjustment.
Losses in Chicago Board of Trade soybeans put some spillover pressure on canola, with strength in the Canadian dollar also bearish.
Follow-through speculative selling after Tuesday’s downward move contributed to the losses in the nearby contracts with some stops likely hit on the way down.
However, some support was uncovered to the downside and short-covering helped take prices well off their session lows by midday.
About 16,000 canola contracts traded as of 10:53 CST.
Prices in Canadian dollars per metric tonne at 10:53 CST:
Price Change
Canola Mar 473.00 dn 0.70
May 481.50 dn 0.80
Jul 489.20 dn 0.30
Nov 492.60 up 0.60
