By Dave Sims, Commodity News Service Canada
WINNIPEG, February 6 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CST on Tuesday, following advances in the U.S. soy complex.
Weakness in the Canadian dollar was supportive for canola.
Farmers in Argentina are hoping for good rains this week. However, recent forecasts suggest the precipitation won’t be as much as initially expected.
Meanwhile, production in Brazil is expected to be massive this year and the harvest has already begun.
However, traders are positioning themselves ahead of Thursday’s USDA supply/demand report.
Demand for canola is lukewarm and Chinese buying is very light.
About 15,000 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
