By Dave Sims, Commodity News Service Canada
WINNIPEG, March 30 – Canola contracts on the ICE Futures Canada platform were lower Thursday morning, tracking losses in vegetable oil.
Losses in Chicago Board of Trade soybeans contributed to the bearish tone.
The surge of soybeans coming onto the market from South America pressured prices.
Traders were positioning themselves in advance of tomorrow’s Prospective Plantings Report from the USDA. The report is expected to raise acreage estimates for US soybeans.
The technical bias is pointed to the downside.
However, ideas of tightening canola stocks were supportive for the market.
Uncertainty over how much of last year’s unharvested canola is still usable also underpinned prices.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
