By Dave Sims, Commodity News Service Canada
WINNIPEG, March 28 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Tuesday, as weakness in the price of United States soybeans provided the path of least resistance.
Farmer hedges and some technical selling put pressure on the market.
There are ideas that tomorrow’s USDA seeding intentions and grain stocks report will be bearish for canola.
“Canola is trading at the top of its range, in order to get to the next level it needs a catalyst,” said a Winnipeg-based analyst.
On the other side of the market, gains in U.S. soyoil were supportive for canola.
The Canadian dollar was weaker relative to its U.S. counterpart, which helped prop up canola prices.
About 7,000 canola contracts had traded as of 10:40 CDT.
Prices in Canadian dollars per metric ton at 10:40 CDT:
