By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 8 (CNS Canada) – ICE Futures canola contracts were down at midday Friday, falling to their lowest levels in three weeks as speculators were on the sell side ahead of a number of reports out of the United States.
The U.S. Department of Agriculture releases its monthly supply/demand report at 11:00 CST. Quarterly stocks numbers and updated production estimates will also be released.
Losses in Chicago Board of Trade soyoil futures and a firmer tone in the Canadian dollar contributed to the selling pressure in canola.
Large commercial supplies and concerns over declining Chinese demand were also bearish.
However, a lack of significant farmer selling provided some underlying support.
About 21,200 canola contracts traded as of 10:23 CST, with intermonth spreading accounting for the bulk of the volumes.
Prices in Canadian dollars per metric tonne at 10:23 CST:
Canola Mar 480.80 dn 3.40
May 488.70 dn 4.20
Jul 496.60 dn 4.00
Nov 495.50 dn 3.10