By Marlo Glass, MarketsFarm
WINNIPEG, Feb. 11 (MarketsFarm) – The ICE Futures canola market was lower on Tuesday, ahead of the World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA).
A lower tone for soyoil on the Chicago Board of Trade kept a lid on canola values. The WASDE is not expected to rock commodity markets, but timely data could provide some direction to the soy complex.
The Canadian dollar was relatively weaker this morning, which provided some support to canola. The dollar was around 75.1 U.S. cents on Tuesday morning.
About 3,600 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Canola Mar 458.40 dn 1.40
May 467.60 dn 1.40
Jul 475.20 dn 0.90
Nov 482.00 dn 0.90