By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market fell to fresh contract lows Wednesday morning, dropping below nearby chart support levels.
Losses in European rapeseed futures and the Chicago soy complex contributed to the bearish tone in canola.
Statistics Canada will release its latest stocks data on Thursday, with pre-report expectations that the government agency will confirm large on-farm supplies as of Dec. 31.
Monthly international trade data showed Canada exported 414,600 tonnes of canola in December, which was down by 41 per cent compared to the same month the previous year.
About 29,200 canola contracts had traded as of 8:45 CST. Intermonth spreading was a feature of the activity, as participants were rolling their positions out of the March contract and into May.
Prices in Canadian dollars per metric ton at 8:45 CST:
Canola Mar 579.40 dn 14.30
May 586.40 dn 14.10
Jul 591.50 dn 13.50
Nov 591.30 dn 13.50
