By Dave Sims, Commodity News Service Canada
WINNIPEG, August 9 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CDT on Wednesday, taking strength from gains in US soy, vegetable oil and action in the Canadian currency.
The Canadian dollar was roughly a fifth of a cent weaker, compare to its US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
The summer heat has likely cut into canola yields across parts of Western Canada, an analyst said.
The technical bias is pointed higher as traders position themselves ahead of tomorrow’s USDA supply and demand report.
However, wet weather in Western Canada helped to alleviate some of the excess dryness facing certain areas.
The oilseed crop in North America is expected to be very large, which kept prices in check.
About 4,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
