By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 26 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, correcting from recent losses as speculators covered recently acquired short positions.
“Beans started to come back after a lower open, and canola is now seeing technical buying following the other markets,” said a broker.
Shifting weather conditions continued to underpin the market, as there are still more than enough areas of concern across the Prairies.
The Canadian dollar was backing away from its recent highs at midday Wednesday, which was also supportive for canola.
About 14,000 canola contracts had traded as of 10:49 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
