By Dave Sims, Commodity News Service Canada
WINNIPEG, March 7 (CNS) – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning, in sympathy with vegetable oil markets.
Losses in U.S. soybeans were bearish for prices.
Canola appears to be undergoing a slight retracement in the wake of last week’s sharp gains.
There are some ideas this year’s carryout could hit 2.5 million tonnes, which undermined values.
However, concerns about drought damage to the soybean crop in Argentina buoyed prices somewhat.
The Canadian dollar was weaker Wednesday morning but seems to be regaining strength amid reports the Bank of Canada will not be hiking the interest rate.
Prices in Canadian dollars per metric ton at 9:03 CST: