By Dave Sims, Commodity News Service Canada
WINNIPEG, Feb. 4 – ICE Canada canola contracts were mostly lower Wednesday morning following the US soy complex.
Losses in Malaysian palm oil and European rapeseed futures also undermined the market.
Statistics Canada released its grain stocks report (as of December 31, 2014) this morning. It pegged Canadian canola supplies at 11.1 million metric tonnes which was at the high end of analysts’ expectations and deemed to be bearish.
Scale-up farmer selling also put pressure on the market, according to a report.
However, weakness in the Canadian dollar, compared to its US counterpart, lent some support to values as it made canola more attractive to international buyers.
Canola consumption is still solid, said an analyst, who also noted that fund traders were adding to their net positions.
About 3,000 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:
