By Dave Sims, Commodity News Service Canada
WINNIPEG, January 10 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:37 CST on Wednesday, in sympathy with the U.S. soy complex.
There is widespread speculation that yields and production numbers for the U.S. soybean crop will be raised in Friday’s USDA report, which was bearish.
Rain in Brazil has improved growing conditions for soybeans.
The Canadian dollar continues to sit above the psychologically-important 80 U.S. cent mark, which makes canola less attractive to out-of-country buyers.
However, gains in Malaysian palm oil futures helped prop up prices.
There are forecasts calling for hot and dry weather to return to Argentina, which was mildly supportive.
About 3,900 canola contracts had traded as of 10:37 CST.
Prices in Canadian dollars per metric ton at 10:37 CST:
