By Dave Sims, Commodity News Service Canada
WINNIPEG, August 10 – Canola contracts on the ICE Futures Canada platform were firmer at 10:40 CDT on Wednesday, as funds and speculators bought back positions.
Advances in other vegetable oils were also bullish for canola.
Concerns persist about excess water in parts of Western Canada, which underpinned the market.
Canola is considered relatively cheap compared to other oilseeds which was supportive.
However, the Canadian dollar was higher relative to its US counterpart which was bullish for values.
Losses in crude oil limited the upside.
The market could be prone to profit-taking ahead of Friday’s USDA report, a trader said.
About 8,400 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
