By Dave Sims, Commodity News Service Canada
WINNIPEG, March 28 (CNS) – Canola contracts on the ICE Futures Canada platform were lower on Wednesday, following losses in the United States soy complex and Malaysian palm oil.
Traders were adjusting positions ahead of tomorrow’s USDA planting intentions and stocks report.
The technical upside is limited but could change tomorrow depending on what the report says.
Expectations of a large canola carryout in the spring dragged on values.
However, weakness in the Canadian dollar, relative to its U.S. counterpart, made canola more attractive on the international market.
Global demand for oilseeds remains steady.
Prices in Canadian dollars per metric ton at 9:00 CDT:
