By Dave Sims, Commodity News Service Canada
WINNIPEG, November 9 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:23 CST on Thursday, pressured by action in the Canadian currency and losses in vegetable oil.
The Canadian dollar was stronger relative to its U.S. counterpart, which made canola less enticing to out-of-country buyers and domestic crushers.
Traders were mostly engaged in tight, technical trade as they waited for the release of the USDA’s supply and demand report. The report is due to be released at 11:00 CST.
Rain has fallen in northern Brazil, helping improve growing conditions for the country’s soybean crop.
However, there are ideas today’s report could see a downward revision to U.S. soybean yields, which would be supportive for the market.