By Dave Sims, Commodity News Service Canada
WINNIPEG, March 29 (CNS) – Canola contracts on the ICE Futures Canada platform were weaker at midday Tuesday, as traders prepared for a USDA report, widely presumed to be bearish for canola.
The agency will release its Prospective Plantings and Quarterly Grain Stocks Report at 11:00 CDT. Most analysts expect to see a small hike in the amount of soybeans planted in the United States.
Profit-taking could kick in once the report is out as speculators and funds balance the books before the end of the month.
Canola acreage in Canada is expected to be high in the spring, which weighed on values.
On the other side of the market, weakness in the Canadian dollar, relative to its U.S. counterpart, was supportive for canola.
Road bans are coming into effect across the Prairies, which will limit farmer selling.
About 9,000 canola contracts had traded as of 10:25 CDT.
Prices in Canadian dollars per metric ton at 10:25 CDT:
