By Dave Sims, Commodity News Service Canada
WINNIPEG, December 21 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:43 CST on Thursday, tracking losses in the U.S. soy complex.
Strength in the Canadian dollar also weighed down canola, as it made the commodity less attractive to international buyers.
The dominant March contract has sunk below the psychologically-important C$500 per tonne mark, which could set the stage for further selling.
Rain in South America is improving soil conditions for soybeans and canola crush margins have fallen significantly over the past three days.
However, traders were squaring positions before the weekend. Canadian markets close early on Friday and won’t re-open until Wednesday.
About 9,700 canola contracts had traded as of 10:43 CST.
Prices in Canadian dollars per metric ton at 10:43 CST:
