By Dave Sims, Commodity News Service Canada
WINNIPEG, August 5 – ICE Canada canola contracts were higher Wednesday morning, taking strength from the US soy complex.
Traders are positioning themselves in advance of next week’s USDA crop report. That report has the potential to move the market significantly, according to analysts.
The short-term bias has tilted to the upside, in the wake of Tuesday’s close.
European rapeseed futures were higher which contributed to the gains.
However, growing conditions for canola continue to improve across Western Canada, putting pressure on prices.
The Canadian dollar is higher relative to its US counterpart which made canola less attractive on the international market.
Malaysian palm oil was weaker which helped limit the gains.
About 1,800 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
