By Dave Sims, Commodity News Service Canada
WINNIPEG, May 4 – Canola contracts on the ICE Futures Canada platform were lower at 10:35 CDT on Thursday, tracking declines in US soybeans.
Traders were positioning themselves ahead of tomorrow’s Statistics Canada stocks report. Ideas that supplies of canola are tightening across the Prairies have been a large source of support for the market, but that could change depending on tomorrow’s estimate.
Oilseed acreage across North America is expected to rise this year, which was bearish for the market.
Large supplies of soybeans continue to stream out of South America.
However, gains in vegetable oil helped to limit the losses.
Weather conditions across the Prairies have turned warmer, which is helping more and more farmers get onto the field and start planting.
About 8,200 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
