By Dave Sims, Commodity News Service Canada
WINNIPEG, June 25 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, following choppy trade in overnight action. The upcoming Statistics Canada acreage report continues to cause volatility in the marketplace as traders try to position themselves ahead of its release on Friday.
Profit taking could be prevalent in the lead up to the release of the Stats Can report as well a USDA acreage and grain stocks report due out on Monday, an analyst said.
Soyoil and European rapeseed are both lower while palm oil, soybeans and soy meal show relative strength.
The Canadian dollar is up almost a quarter of a cent against its US counterpart this morning, which is limiting the upside.
About 3,200 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
