By Dave Sims, Commodity News Service Canada
WINNIPEG, January 17 (CNS) – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning.
Strength in the Canadian dollar weighed down the market. The Bank of Canada raised the country’s interest rate this morning as expected.
Losses in U.S. soyoil and Malaysian palm oil futures were bearish for canola.
Warmer weather has moved into the Canadian Prairies which should encourage more farmer selling.
However, gains in U.S. soybeans helped prop up prices.
Recent rains in Argentina were underwhelming and concerns about excessively dry regions persist.
Prices in Canadian dollars per metric ton at 9:05 CST:
