By Dave Sims, Commodity News Service Canada
WINNIPEG, April 11 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at midday Wednesday, tracking losses in vegetable oil markets.
Strength in the Canadian dollar was bearish for values.
Speculators were liquidating long positions, which undermined values, according to an analyst.
Canola remains pricey compared to other oilseeds.
However, gains in United States soybean prices helped offset some of the losses.
Yesterday’s USDA report lowered the ending stocks number for U.S. soybeans, which was supportive for canola.
About 9,000 canola contracts had traded as of 1037 CDT.
Prices in Canadian dollars per metric ton at 10:37 CDT:
