By Dave Sims, Commodity News Service Canada
WINNIPEG, September 7 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, taking strength from gains in the US soy complex.
Advances in European rapeseed futures added to the upside.
Global demand for oilseeds has been healthy overall, which was supportive.
On the other side, losses in crude oil and European rapeseed futures limited the gains.
Statistics Canada released its Canadian Grain Stocks report this morning, which pegged canola at 2.06 million tonnes. That number was deemed bearish by the industry. StatsCan also adjusted last year’s production to a higher number, which has raised ideas this year’s total could also be larger.
Losses in crude oil were also dragging on values.
About 5,500 canola contracts had traded as of 9:02 CDT.
Milling wheat, barley and durum were untraded.
