By Dave Sims, Commodity News Service Canada
WINNIPEG, September 9 – ICE Canada canola contracts were higher Wednesday morning, taking direction from the US soy complex.
Malaysian palm oil and European rapeseed futures were both higher which added to the gains.
The Canadian dollar was slightly weaker relative to its US counterpart which made canola slightly more attractive to foreign buyers.
Inclement weather across parts of Western Canada in recent days has caused some harvest delays.
However, the technical bias is leaning to the downside which could bring sellers back to the market at the first sign of weakness.
The market is expected to be quite choppy this week in the lead-up to the release of the USDA’s crop estimates on Friday.
About 3,700 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CDT:
