By Phil Franz-Warkentin, Commodity News Service Canada
February 4, 2015
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at midday Wednesday, taking some direction from the softening CBOT soy complex.
Malaysian palm oil and European rapeseed futures were also lower overnight, putting some further pressure on the oilseeds in general.
Large Canadian canola supplies overhanging the market remained a bearish influence as well. Statistics Canada reported that the country’s canola stocks, as of December 31, 2014, came in at 11.1 million tonnes. That was at the high end of pre-report estimates and seen as a sign that ending stocks projections may also need to be revised higher.
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The losses in canola were tempered by the weakening Canadian dollar, which was trading back below 80 US cents after jumping sharply earlier in the week. The softer currency was helping crush margins hold relatively steady, despite the declines in the product values, and domestic processors continued to show steady demand.
About 9,000 canola contracts had traded as of 10:46 CST.
Milling wheat, durum and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:46 CST:
