By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 5 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Wednesday, as the market continued to correct off recent lows and speculators adjusted their positions.
Gains in Chicago Board of Trade soyoil and a slightly softer tone in the Canadian dollar contributed to the strength in canola, as crush margins saw some improvement.
Canadian canola stocks, as of Dec. 31, 2019, were pegged at 14.3 million tonnes by Statistics Canada in a report released Wednesday morning. While the supplies were down 2.4 per cent compared to the previous year, the government agency acknowledged that the numbers did not account for fields left unharvested this past fall. With anywhere from one to two million tonnes of canola overwintering, the report did little to move the market.
About 18,500 canola contracts traded as of 10:46 CST.
Prices in Canadian dollars per metric tonne at 10:46 CST:
Price Change
Canola Mar 458.80 up 3.90
May 468.00 up 4.10
Jul 475.00 up 4.30
Nov 482.20 up 2.90
