By Dave Sims, Commodity News Service Canada
WINNIPEG, August 9 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, due to follow-through buying and action in the Canadian currency.
The Canadian dollar was over a quarter of a cent lower, relative to its US counterpart, which made canola more enticing to international buyers.
Gains in Malaysian palm oil and the US soy complex were supportive for canola.
The summer heat wave has likely cut into yields across much of the Prairies, an analyst said.
However, rain has been falling across portions of Western Canada, which was good for the crop and bearish for prices.
Trading is likely to be muted today ahead of tomorrow’s USDA supply and demand report.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:05 CDT:
