By Dave Sims, Commodity News Service Canada
WINNIPEG, November 9 – Canola contracts on the ICE Futures Canada platform were higher at 10:15 CST on Wednesday, taking strength from action in the Canadian currency.
The Canadian dollar was sharply lower relative to its US counterpart in the wake of the US election, which made canola more attractive to out-of-country buyers.
Gains in Chicago Board of Trade soybeans were supportive for canola.
The bias has turned to the upside.
However, losses in vegetable oil were bearish for canola.
Farmers across Western Canada have taken advantage of recent warm weather to harvest more canola this week.
Weather in South America has been favourable for soybean planting, according to a report.
Traders were positioning themselves ahead of the release of today’s USDA supply/demand report. That report is due to be released at 11:00 CST.
About 7,800 canola contracts had traded as of 10:15 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:15 CST: