By Jade Markus, Commodity News Service Canada
WINNIPEG, August 17 – ICE Canada canola contracts were stronger at midday on Wednesday, following advances in the US soy complex.
Chicago Board of Trade soybeans, soy meal, and soy oil gained on Wednesday, underpinned by strong demand and chart support.
Losses in the Canadian dollar against its US counterpart were also supportive for canola prices.
The loonie lost ground against the greenback on Wednesday after closing at its highest level in more than a month on Tuesday.
The Canadian dollar felt pressure from weaker crude oil futures, which makes canola more appealing to international buyers.
China is expected to introduce new dockage standards on September 1, which has the potential to dramatically reduce the amount of canola the country buys, limiting gains on Wednesday.
About 11,036 contracts had traded as of 10:13 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:13 CDT:
