By Dave Sims, Commodity News Service Canada
WINNIPEG, January 11 – Canola contracts on the ICE Futures Canada platform were slightly lower Wednesday morning, in sympathy with the US soy market.
Traders were squaring positions ahead of tomorrow’s USDA report.
There are ideas Brazil’s soybean crop could be actually larger than expected, which put pressure on canola.
The dominant March contract was feeling technical pressure from the C$500 per tonne level.
On the other side, gains in Malaysian palm oil and European rapeseed futures were supportive for canola.
Some parts of Argentina are too dry, which helped prop up prices.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CST: