By Dave Sims, Commodity News Service Canada
WINNIPEG, March 2 – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Thursday, tracking declines in the US soy complex.
Canola sank lower in early trading after gaining C$18 over the past two days.
Losses in European rapeseed futures and crude oil contributed to the bearish tone.
Some traders took profits.
However, the Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Crush margins are up a buck or two, according to a Winnipeg-based trader.
He added canola had come off the lows it saw in early trading.
Muddy roads in Brazil have caused significant delays in getting soybeans to port, which was supportive for prices.
About 12,500 canola contracts had traded as of 10:30 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:30 CST:
