By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 21 (CNS Canada) – ICE Futures Canada canola contracts were down at midday Tuesday, with losses in the Chicago Board of Trade soy complex behind some of the spillover selling pressure.
“Crush margins continue to underperform,” said a broker, noting that declines in the outside vegetable oil markets, including palm oil and soybean oil, were casting a negative tone on canola as well.
However, a lack of farmer selling tempered the declines, as producers are said to be “waiting for the next rally,” according to the broker.
Intermonth spreading was a feature of the trade, accounting for about 90 per cent of the volume as participants exit the front month, said participants.
About 18,000 canola contracts had traded as of 10:47 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
