By Dave Sims, Commodity News Service Canada
WINNIPEG, January 9 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:38 CST on Tuesday, weighed down by lukewarm demand and losses in U.S. soybeans.
Volumes were light with much of the activity concentrated on the March/May spread, according to a trader in Winnipeg.
Overall strength in the Canadian dollar contributed to the downside.
Favourable weather conditions in South America helped improve growing conditions for soybeans. However, there are signs more dry weather is moving in, which was bearish for values.
Gains in vegetable oil markets were supportive for canola.
Traders were already positioning themselves in advance of the USDA report on Friday. The agency will be releasing its World Agricultural Supply and Demand Estimates.
About 6,900 canola contracts had traded as of 10:38 CST.
Prices in Canadian dollars per metric ton at 10:38 CST:
