By Glen Hallick, Commodity News Service Canada
WINNIPEG, Feb. 22 (CNS Canada) – ICE Futures canola contracts were weaker Friday morning, with the technical bias towards the downside.
Canola futures for this morning lost about C$2 per tonne, with the May contract slipping to C$480.50 per tonne.
Almost a month after the 35-day shutdown of the United States government, the U.S. Department of Agriculture (USDA) will release on Friday six weeks’ worth of export sales.
Also, the USDA released its supply and demand forecast at its Agriculture Outlook Conference in Washington, D.C. on Thursday. The USDA projected tightening stocks of corn, soybeans and wheat after a chaotic 2018.
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The soybean complex on the Chicago Board of Trade was down slightly Friday morning, putting pressure on canola. The May soybean contract slipped one cent to US$9.23 per bushel.
The Canadian dollar was up slightly Friday morning at 75.81 U.S. cents after closing Thursday at 75.78 U.S. cents.
About 3,600 canola contracts had traded as of 8:50 CST.
Prices in Canadian dollars per metric ton at 8:50 CST:
Price Change
Canola Mar 472.40 dn 2.40
May 480.50 dn 2.20
Jul 488.30 dn 2.30
Nov 492.00 dn 1.80
