By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 5 (CNS Canada) – ICE Futures canola contracts were weaker at midday Tuesday, as large supplies and a softer tone in Chicago Board of Trade soybeans weighed on values.
Statistics Canada reported record high canola stocks in the country as of Dec. 31, at 14.5 million tonnes. The large supplies were generally in line with market expectations given the slow export pace this year.
“It certainly points to pretty comfy canola supplies,” said a broker.
However, a firmer tone in CBOT soyoil and weakness in the Canadian dollar provided some underlying support.
Uncertainty over upcoming reports from the United States Department of Agriculture kept some caution in the North American futures.
About 7,000 canola contracts traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Price Change
Canola Mar 482.50 dn 1.40
May 490.10 dn 1.70
Jul 497.20 dn 1.90
Nov 494.40 dn 2.20
