By Jade Markus, Commodity News Service Canada
WINNIPEG, March 30 – ICE Canada canola contracts dropped at midday on Thursday, tracking sharp declines in the Chicago Board of Trade soy oil market.
Though prices were still weaker at midday, they recovered somewhat from earlier lows.
“Canola is starting to show a little bit of life,” said one Winnipeg-based trader.
“But this bean oil market is still dragging it down,” he said.
A stronger Canadian dollar was also bearish for values.
“We’re also going to get a bit of gyrations going into that report tomorrow,” the trader said.
The United States Department of Agriculture is set to release its Prospective Plantings report on Friday, which will dictate momentum in US markets.
About 11,275 contracts had traded as of 10:54 a.m. CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
