By Dave Sims, Commodity News Service Canada
WINNIPEG, January 18 – Canola contracts on the ICE Futures Canada platform were stronger at 10:35 CST on Wednesday, taking support from action in the Canadian currency and gains in US soy.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive on the international market.
There are ideas that Argentina could lose significant acres of soybeans to excess rains, which was supportive.
The short-term bias is pointed higher and basis levels are improving, a Winnipeg-based trader said.
On the other side, losses in Malaysian palm oil were bearish for values.
About 9,000 canola contracts had traded as of 10:35 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CST:
