By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 5 (CNS Canada) – ICE Futures canola contracts were weaker Tuesday morning, as losses in Chicago Board of Trade soybeans and a bearish Statistics Canada stocks report weighed on values.
Total Canadian canola stocks as of Dec. 31, 2018, came in at 14.553 million tonnes, according to Statistics Canada. That was up 4.9 per cent from the previous year and the largest stocks on record for the end of December.
The big supplies should limit the need for end users to bid up the market, according to participants.
The Canadian dollar was holding steady in early activity, providing little direction.
About 4,500 canola contracts had traded as of 8:58 CST.
Prices in Canadian dollars per metric ton at 8:58 CST:
Price Change
Canola Mar 482.10 dn 1.80
May 489.80 dn 2.00
Jul 497.50 dn 1.50
Nov 495.10 dn 1.50
