By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 10 (MarketsFarm) – The ICE Futures canola market was sharply weaker at midday Wednesday, backing away from nearby highs as speculative long liquidation weighed on values.
Losses in the Chicago Board of Trade soy complex contributed to the downturn in canola, with an end to a truckers strike in Argentina behind some of the selling pressure in soybeans.
However, the underlying fundamentals for canola remain supportive, with concerns over tightening supplies making any losses a buying opportunity for end users.
Cold temperatures across much of the Prairies also underpinned the canola market, with farmer deliveries and rail movement hampered by the weather.
About 15,000 canola contracts traded as of 10:33 CST.
Prices in Canadian dollars per metric tonne at 10:33 CST:
Price Change
Canola Mar 694.10 dn 12.40
May 681.80 dn 10.10
Jul 654.60 dn 8.70
Nov 562.10 dn 5.20
