By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 8 (CNS Canada) – ICE Futures canola contracts were down Friday morning, falling to the lower edge of their nearby trading range.
Losses in Chicago Board of Trade soyoil futures and a firmer tone in the Canadian dollar contributed to the early selling pressure in canola.
Large canola supplies and a lack of significant end user demand also weighed on values, according to participants.
On the other side, cold temperatures across Western Canada were said to be slowing farmer deliveries which provided some support.
The United States Department of Agriculture is set to release a number of much anticipated reports later in the day and any surprises in the data will likely sway the markets.
About 11,000 canola contracts had traded as of 9:00 CST.
Prices in Canadian dollars per metric ton at 9:00 CST:
Canola Mar 481.50 dn 2.70
May 489.40 dn 3.50
Jul 497.20 dn 3.40
Nov 495.70 dn 2.90