By Dave Sims, Commodity News Service Canada
WINNIPEG, December 21 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, following gains in Chicago Board of Trade soyoil and Malaysian palm oil.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Canola is receiving some technical support and traders are hesitant to push prices too far one way or the other ahead of the Christmas break.
European rapeseed futures were stronger which added some support.
However, the soybean crop in Brazil is looking very good at this point while crops in Argentina received some much-needed rain.
Commercial demand for oilseeds remains reasonably strong.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:55 CST:
