By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 14 (CNS Canada) – ICE Futures canola contracts were weaker at midday Thursday, with intermonth spreading accounting for the bulk of the activity as participants rolled their positions out of the nearby March contract.
“Commercials, funds, retail – everybody’s focused on rolling their March positions forward,” said a broker.
The bias was lower in outright trade, with losses in Chicago Board of Trade soybeans and soyoil weighing on values.
A weaker tone in the Canadian dollar, which was down by roughly a third of a cent compared to its United States counterpart, provided some support.
A lack of significant farmer selling also underpinned the futures.
About 20,500 canola contracts traded as of 10:47 CST.
Prices in Canadian dollars per metric tonne at 10:47 CST:
Price Change
Canola Mar 479.40 dn 1.40
May 488.30 dn 1.10
Jul 496.00 dn 1.20
Nov 496.90 dn 1.20
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