By Dave Sims, Commodity News Service Canada
WINNIPEG, November 29 – Canola contracts on the ICE Futures Canada platform were lower on Wednesday, tracking weakness in vegetable oil markets.
There are expectations that next week’s Statistics Canada report will raise crop production estimates for 2017, which was bearish for prices.
Rain in Argentina is helping replenish soil moisture in soybean fields.
However, weakness in the Canadian dollar was supportive for canola, as it made the commodity more attractive to out-of-country buyers.
Canola is receiving some technical support on the charts.
Prices in Canadian dollars per metric ton at 8:55 CST:
