By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 19 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, taking some direction from declines in the Chicago Board of Trade soy complex.
United States oilseed processors crushed a record 176.94 million bushels of soybeans in January, taking soyoil stocks to their highest level in 12 years, according to a report from the National Oilseed Processors Association. The large stocks accounted for some of the weakness in soyoil, which spilled into canola.
Losses in Malaysian palm oil, strength in the Canadian dollar, ongoing concerns over the COVID-19 coronavirus outbreak, and uncertainty over pipeline protests disrupting rail traffic across Canada also weighed on values.
About 8,700 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric ton at 8:49 CST:
Price Change
Canola Mar 459.00 dn 3.30
May 467.60 dn 3.30
Jul 474.20 dn 3.50
Nov 482.80 dn 3.70
