By Dave Sims, Commodity News Service Canada
WINNIPEG, February 7 (CNS) – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:43 CST on Wednesday, tracking weakness in vegetable oil.
Commercial demand is lagging and the absence of Chinese buying is particularly being felt.
Rain is expected to fall in Argentina over the next few days, which should help alleviate concerns over dryness in soybean fields.
Rising estimates for the size of the Brazilian soybean crop, weighed on prices.
However, the Canadian currency was lower relative to its U.S. counterpart, which made canola more attractive to international buyers.
Slow farmer selling lent some support to values.
About 15,000 canola contracts had traded as of 10:43 CST.
Prices in Canadian dollars per metric ton at 10:43 CST:
