By Jade Markus, Commodity News Service Canada
WINNIPEG, March 31 – ICE Canada canola contracts drifted lower at midday on Friday ahead of data from the United States Department of Agriculture (USDA).
The USDA is set to release its Prospective Plantings report at 11:00 a.m. CDT.
The report is generally expected to have a negative effect on soybeans, which spilled over to canola, though the market was generally sluggish.
“Volumes are brutal. We’re waiting, a lot of traders with their hands fully in their pockets waiting for the report,” said one Winnipeg-based trader.
The Canadian dollar advanced against its US counterpart at midday on Friday.
About 6,693 contracts traded as of 10:03 a.m. CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
