By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 15 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, as broad selling pressure weighed on the North American grains and oilseeds.
“There’s been a shift in the underlying sentiment of the markets,” said a broker on the general bearishness pervading the futures trade.
The Chicago soy complex, European rapeseed and Malaysian palm oil futures were all weaker at midday.
However, the Canadian dollar was also weaker which helped temper the declines in canola to some extent. Crush margins remain historically wide, which should be keeping end users in the market on a scale down basis.
About 18,000 canola contracts traded as of 10:36 CST.
Prices in Canadian dollars per metric tonne at 10:36 CST:
Canola Mar 821.10 dn 5.00
May 812.80 dn 4.90
Jul 808.60 dn 6.40
Nov 787.30 dn 4.20
