WINNIPEG, Manitoba--The ICE Futures canola market was down sharply at midday Thursday, with speculative long-liquidation and a lack of willing buyers on the other side behind some of the weakness.
With Canadian canola production expected to be down sharply on the year, end users are already showing signs of rationing demand, according to participants.
Losses in the Chicago Board of Trade soy complex and a firmer tone in the Canadian dollar contributed to the weakness in canola.
The larger-than-expected ending stocks reported by Statistics Canada Wednesday remained a bearish influence in the background, with canola supplies ahead of the harvest not as tight as anticipated.
About 18,500 canola contracts traded as of 11:44 EDT.
Prices in Canadian dollars per metric tonne at 11:44 EDT:
Price Change Canola
Nov 867.00 dn 14.50 Jan 854.80 dn 11.30 Mar 838.60 dn 9.60 May 820.20 dn 8.90
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
09-09-21 1214ET
