By Dave Sims, Commodity News Service Canada
WINNIPEG, February 29 – Canola contracts on the ICE Futures Canada platform were lower at 10:45 CST, tracking losses in CBOT soyoil.
European rapeseed futures and CBOT soybeans were also lower which weighed on values.
New restrictions by China that limited the amount of dockage allowed in canola imports also dragged on prices, according to a Winnipeg-based trader.
“We don’t need this kind of uncertainty hanging over the market,” he said.
Recent negativity in worldwide financial markets was also bearish, he added.
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Last week’s fall by canola has turned the bias to the downside.
Large supplies of South American soybeans are making their way to market, which also undermined values.
On the other side, strength in Malaysian palm oil and crude oil helped limit the losses.
About 7,300 canola contracts had traded as of 10:45 CST.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CST:
Price Change
Canola May 451.40 dn 1.60
Jul 456.60 dn 2.20
Nov 462.70 dn 2.70
Milling Wheat May 229.00 unch
Jul 233.00 unch
Durum May 325.00 unch
Jul 310.00 unch
Barley May 184.10 unch
Jul 185.00 unch
