WINNIPEG, March 9 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Friday, dragged down by strength in the Canadian dollar and follow-through selling.
Losses in the U.S. soy complex were bearish for values.
Yesterday’s USDA forecast continued to weigh on the market as the agency called for a bigger soybean carryout.
The technical bias is pointed lower and the crush margin was down C$6 in early morning activity.
However, the market’s recent losses could prove to be a tempting target for bargain hunters before the weekend.
The USDA lowered its estimate for the soybean crop in Argentina from the old projection of 54 million tonnes to 47 million, which was supportive.
About 9,500 canola contracts had traded as of 10:35 CST.
Prices in Canadian dollars per metric ton at 10:35 CST:
