By Dave Sims, Commodity News Service Canada
WINNIPEG, February 2 (CNS) – Canola contracts on the ICE Futures Canada platform were lower Friday morning, in sympathy with the U.S. soy complex.
Parched regions of Argentina are forecast to receive rain, which was bearish for values.
Crush margins have been under pressure the fast few days and canola acreage in the spring is expected to be very large.
However, losses in the Canadian dollar were supportive for canola as it made the commodity more attractive to foreign buyers.
Traders were positioning themselves ahead of Monday’s stocks report from Statistics Canada.
Prices in Canadian dollars per metric ton at 8:55 CST:
