By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 8 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Tuesday, giving up a fair chunk of the gains made yesterday.
Despite the grain stocks as of Dec. 31 report from Statistics Canada showing very low canola stocks, the declines in other edible oils weighed on values. Those steep losses were being propelled by a sharp drop in global crude oil prices as global tensions were reportedly easing.
Nevertheless, Statistics Canada estimated combined on-farm and commercial canola stocks at 7.56 million tonnes, which is a little more than 43 per cent lower than the previous December. Barley, oats, dry peas, wheat and durum were also significantly lower in the report.
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“Everybody expected lower stocks and that’s what we got,” an analyst commented, noting that some of the new December numbers are lower than the March stocks over the last few years.
The Canadian dollar was pulling back with the loonie at 78.63 U.S. cents when compared to Monday’s close of 78.81.
Approximately 15,450 canola contracts were traded as of 10:26 CST.
Prices in Canadian dollars per metric tonne at 10:26 CST:
Price Change
Canola Mar 1,024.80 dn 4.70
May 1,010.90 dn 7.50
Jul 984.10 dn 5.80
Nov 839.80 dn 6.40
