By Dave Sims, Commodity News Service Canada
WINNIPEG, November 4 – ICE Canada canola contracts were stronger on follow-through buying Wednesday morning, with additional support coming from gains in the US soy complex.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to foreign buyers.
Some northern areas of Brazil need rain for parched soybean fields, which was supportive for the market.
Commercial buying has been steady which also helped prop up values.
Malaysian palm oil and European rapeseed futures were both stronger which helped underpin the market.
However, North American harvest pressure limited the gains.
There are ideas the next survey of Canadian canola will show a larger crop than previously reported.
About 3,700 canola contracts had traded as of 8:45 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CST:
