By Dave Sims, Commodity News Service Canada
WINNIPEG, Jan. 12 – ICE Canada canola contracts were mostly lower in thin trading Monday morning as traders awaited the release of the USDA’s crop production and monthly grain stocks report. That report is due to be released at 11:00 CST.
Losses in Chicago soybeans weighed on the canola market.
The large 2014 US soy crop continued to cast a bearish shadow over the market, along with the South American crop which is also expected to be big.
However, weakness in the Canadian dollar and demand for vegetable oil provided support for values, according to a trader.
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Recent dry weather in South America has prompted some concern for those crops moving forward, which was supportive.
The large 2014 US soy crop continues to cast a bearish shadow over the market, along with the South American crop which is also expected to be big.
The March contract has inched above its 200 day moving average for the first time since the spring of 2014, said an analyst.
About 1,000 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:
