By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 22 (CNS Canada) – ICE Futures canola contracts were weaker at midday Friday, seeing a modest correction after Thursday’s late rally.
Strength in the Canadian dollar and soft export demand contributed to the weakness in canola, according to a trader.
“The whole board is just grinding to the downside in lighter trade,” he added.
Canadian grain companies only exported 69,900 tonnes of canola during the week ended Feb. 17, according to the latest Canadian Grain Commission data. That was well below the 205,500 tonnes exported the previous week. Meanwhile, farmer deliveries increased on the week and total visible supplies in the commercial pipeline moved back above one million tonnes.
About 10,000 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Mar 473.00 dn 1.80
May 480.60 dn 2.30
Jul 488.40 dn 2.20
Nov 492.10 dn 1.70
