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Canola futures drop with soyoil at midday

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Feb. 11 (CNS Canada) – ICE Futures canola contracts were down at midday Monday, hitting fresh three-week lows as losses in Chicago Board of Trade soyoil futures spilled over to weigh on values.
Soyoil hit its highest levels in eight months on Friday, but ran into resistance and was posting large losses at midday Monday. Malaysian palm oil futures were also down sharply to start the week amid concerns over declining export demand.
Large commercial supplies contributed to the weaker tone in canola. Concerns that the diplomatic dispute between China and Canada may lead to a reduction in demand also weighed on values.
However, weakness in the Canadian dollar provided some support.
About 14,000 canola contracts traded as of 10:59 CST, with intermonth spreading a feature.

Prices in Canadian dollars per metric tonne at 10:59 CST:

Price Change
Canola Mar 479.50 dn 3.80
May 487.60 dn 4.20
Jul 495.60 dn 4.30
Nov 494.40 dn 4.80
END

Commodity Future Prices

Canola
2019-02-01 13:19
Price Change
Mar482.400.70
May490.400.80
Jul497.700.80
Nov495.501.40

Prices are in Canadian dollars per metric ton

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