By Jade Markus, Commodity News Service Canada
WINNIPEG, August 31 – ICE Canada canola contracts advanced sharply Wednesday morning, as China has delayed implementing a rule that would serve to cut into the country’s demand.
China was set to introduce restrictions on the amount of dockage, or foreign material, allowed in Canadian canola shipments, but as of Wednesday morning, the rule has been pushed back to an indefinite date.
Officials from Canada and China are still negotiating the issue, reports say.
Losses in the Canadian dollar against its US counterpart were also bullish for values, as a weaker Canadian dollar makes canola more appealing to international buyers.
However, losses in the Chicago Board of Trade soy complex limited gains.
US soybeans, soymeal, and soy oil declined on Wednesday, feeling selling pressure from the expectation for a large upcoming talk.
About 13,399 canola contracts had traded as of 8:36 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
