By Dave Sims, Commodity News Service Canada
WINNIPEG, December 27 (CNS) – Canola contracts on the ICE Futures Canada platform were grinding lower at 10:40 CST on Wednesday, in sympathy with the United States soy complex.
The Canadian dollar was about a quarter of a cent stronger relative to its U.S. counterpart, which made canola less appealing to foreign buyers.
Crush margins were under pressure and any traders with long positions in the market were liquidating them.
Both front-month contracts made a run above the C$500 mark, but were quickly pressured lower.
However, global demand for oilseeds remains strong and canola’s lower prices were attracting some bargain hunters.
About 14,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
