By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 7 (MarketsFarm) – ICE Futures canola contracts were posting small losses at midday Friday, taking some direction from Chicago Board of Trade soyoil.
After posting solid gains off of contract lows earlier in the week, the canola market was thought to be seeing some consolidation ahead of the weekend.
Large visible supplies in the commercial pipeline, of just over 1.5 million tonnes in the latest Canadian Grain Commission report, added to the softer tone as end-users had little reason to bid up the market.
Weakness in the Canadian dollar provided some underlying support, according to participants. Gains in CBOT soybeans also helped temper the declines in canola.
About 15,000 canola contracts traded as of 10:36 CST.
Prices in Canadian dollars per metric tonne at 10:36 CST:
Price Change
Canola Mar 460.30 dn 0.70
May 469.60 dn 0.60
Jul 476.30 dn 0.70
Nov 483.00 dn 1.00
