By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 8 (CNS Canada) – ICE Futures canola contracts were down at midday Friday, falling to their lowest levels in three weeks as speculators were on the sell side ahead of a number of reports out of the United States.
The U.S. Department of Agriculture releases its monthly supply/demand report at 11:00 CST. Quarterly stocks numbers and updated production estimates will also be released.
Losses in Chicago Board of Trade soyoil futures and a firmer tone in the Canadian dollar contributed to the selling pressure in canola.
Large commercial supplies and concerns over declining Chinese demand were also bearish.
However, a lack of significant farmer selling provided some underlying support.
About 21,200 canola contracts traded as of 10:23 CST, with intermonth spreading accounting for the bulk of the volumes.
Prices in Canadian dollars per metric tonne at 10:23 CST:
Canola Mar 480.80 dn 3.40
May 488.70 dn 4.20
Jul 496.60 dn 4.00
Nov 495.50 dn 3.10
Futures Prices as of February 8, 2019
Prices are in Canadian dollars per metric ton