By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 13 (CNS Canada) – ICE Futures canola contracts were weaker at midday Wednesday, falling below nearby chart support.
The March contract moved below the psychological C$480 per tonne level which could set the stage for another leg lower if the market stays below that point, according to an analyst.
Losses in Chicago Board of Trade soyoil futures and a steady tone in the Canadian dollar were also bearish for canola.
A lack of significant end user demand also weighed on values.
However, farmers remain reluctant sellers on the other side, providing some underlying support.
About 16,500 canola contracts traded as of 10:51 CST, with the March/May spread a feature as participants roll their positions out of the front month.
Prices in Canadian dollars per metric tonne at 10:51 CST:
Price Change
Canola Mar 479.10 dn 2.10
May 487.80 dn 1.80
Jul 495.60 dn 1.90
Nov 496.20 dn 1.30
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