By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 13 (MarketsFarm) – ICE Futures canola contracts were posting small losses at midday Wednesday, taking some direction from Chicago Board of Trade soyoil.
Ample supplies in the commercial pipeline and declining crush margins added to the softer tone, with end users seeing little need to bid up the current market, according to participants.
While about 10 per cent of the Canadian canola crop is still unharvested, any weather-related concerns are largely thought to be priced into the futures.
However, a slow-down in farmer selling pressure and ideas that canola is looking cheap compared to other oilseeds provided underlying support.
About 4,600 canola contracts traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Jan 460.60 dn 1.50
Mar 469.80 dn 1.80
May 478.60 dn 1.80
Jul 486.60 dn 1.30
