By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 11 (CNS Canada) – ICE Futures Canada canola contracts were weaker Friday morning, with confirmation of large canola stocks behind some of the selling pressure.
Statistics Canada pegged canola supplies in the country as of March 31, 2018, at 9.1 million tonnes. That was well above the 7.9 million tonnes at the same time a year ago, and the second-largest stocks on record for that time of year.
Losses in Chicago Board of Trade soybeans, good seeding weather in Western Canada and recent strength in the Canadian dollar also weighed on canola to start the day, according to participants.
Weather concerns in parts of the Prairies provided some underlying support, with some regions too wet and others too dry.
About 900 canola contracts had traded as of 8:43 CDT.
