By Dave Sims, Commodity News Service Canada
WINNIPEG, March 30 – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CDT on Wednesday, pushed lower by losses in the US soy complex and action in the Canadian currency.
“It’s a down day,” said a trader in Winnipeg. “I don’t see anything reversing the trend.”
The Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to foreign buyers.
Spreads were weak according to the trader.
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Action is expected to be choppy today as traders position themselves ahead of tomorrow’s USDA acreage and quarterly stocks reports.
However, commercial buying remains steady which limited the losses, an analyst said.
China’s decision to delay changes to the amount of dockage it accepts on imports of Canadian canola was supportive.
Crude oil was higher.
About 10,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
Price Change
Canola May 475.40 dn 2.70
Jul 480.80 dn 2.30
Nov 478.40 dn 3.50
Milling Wheat May 241.00 unch
Jul 241.00 unch
Durum May 296.00 unch
Jul 288.00 unch
Barley May 176.00 unch
Jul 178.00 unch
