By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 15 – (MarketsFarm) – The ICE Futures canola market was mostly weaker at midday Tuesday, although activity was choppy with prices well off their session lows.
Losses in crude oil were weighing on the grains and oilseeds in general, with reports that Russian soldiers were backing away from the Ukrainian border behind some of the broad weakness as the tensions in the region ebb and flow.
Speculative profit-taking contributed to the losses in canola, with declining basis levels for nearby delivery also seen as a sign that end users were likely covered for the time being, according to a trader.
The Canadian dollar was slightly softer at midday, providing some underlying support.
About 9,800 canola contracts traded as of 10:42 CST.
Prices in Canadian dollars per metric tonne at 10:42 CST:
Price Change
Canola Mar 1,007.10 dn 2.40
May 992.50 dn 2.20
Jul 966.10 dn 2.20
Nov 840.00 dn 1.50
