By Dave Sims, Commodity News Service Canada
WINNIPEG, March 1 – Canola contracts on the ICE Futures Canada platform were lower at 10:50 CST, due to speculative selling as prices moved below major support.
Losses in the vegetable oil market and the US soy complex contributed to the downside.
Trading in Chicago soyoil has been especially volatile, according to a trader.
“Somebody was maybe unloading a large position so that changes the game,” he said, adding the next level of support for canola was the C$440 per tonne mark (May contract).
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The Canadian dollar was also sharply higher relative to its US counterpart, which traditionally makes it more difficult for Canadian exporters to find customers.
The South American harvest is slightly ahead of schedule, which was bearish for canola.
On the other side, strength in global financial markets along with steady commercial demand helped to limit the losses.
About 11,000 canola contracts had traded as of 10:50 CST.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CST:
Price Change
Canola May 443.20 dn 6.50
Jul 447.60 dn 6.90
Nov 454.20 dn 7.30
Milling Wheat May 223.00 unch
Jul 237.00 unch
Durum May 299.00 unch
Jul 286.00 unch
Barley May 185.00 unch
Jul 187.00 unch
