By Dave Sims, Commodity News Service Canada
WINNIPEG, January 11 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:37 CST on Thursday, weighed down by losses in the U.S. soy complex.
Trading is light as many participants have already taken positions ahead of tomorrow’s USDA supply and demand report. There are ideas the agency could hike yield and production numbers for the U.S. soybean crop.
Losses in vegetable oil markets added to the downside.
“Canola hasn’t shown independent strength on its own for a while,” said a trader in Winnipeg. “It’s just going to have to tag along with the U.S. markets for now.
However, a recent drop in the value of the Canadian dollar, relative to its U.S. counterpart, helped limit the losses.
The dominant March contract is receiving some chart support at the psychologically-important C$490 per tonne mark.
About 5,700 canola contracts had traded as of 10:37 CST.
Prices in Canadian dollars per metric ton at 10:37 CST: