By Dave Sims, Commodity News Service Canada
WINNIPEG, March 8 (CNS) – Canola contracts on the ICE Futures Canada platform were mostly lower at midday Thursday, as traders prepared for the release of the USDA’s monthly supply and demand report.
The Canadian dollar was weaker, relative to its United States counterpart, which lent support to the front-month contracts.
Dry conditions in Argentina were also bullish for values.
Large funds have mostly covered their short positions, said a Winnipeg-based analyst.
“Now they’re building a bit of a long so there’s definitely been some juice on the fund side,” he explained.
However, losses in U.S. soyoil were bearish for prices.
Farmer selling undermined the market.
About 9,000 canola contracts had traded as of 10:30 CST.
Prices in Canadian dollars per metric ton at 10:30 CST:
