By Dave Sims, Commodity News Service Canada
WINNIPEG, February 1 (CNS) – Canola contracts on the ICE Futures Canada platform were lower Thursday morning, following losses in vegetable oil.
Declines in U.S. soybeans were also bearish for the canola market.
Despite some recent wet weather, estimates for the upcoming Brazilian soybean crop continue to grow.
India’s decision to raise import taxes on crude olive oil was viewed as a bearish development by oilseed growers, according to a report.
However, weakness in the Canadian dollar was supportive.
Traders have already started to take positions ahead of Monday’s Statistics Canada stocks report.
Prices in Canadian dollars per metric ton at 9:00 CST:
