By Dave Sims, Commodity News Service Canada
WINNIPEG, September 16 – Canola contracts on the ICE Futures Canada platform were higher at 10:50 CDT Wednesday, led by gains in US soyoil.
Wet weather continues to hamper harvest efforts across parts of Western Canada which also helped to underpin the market.
A lack of news added some volatility to the market’s direction, according to a trader.
Not a bundle of stuff in the news, markets are having a tough time finding something to key on so there’s a choppy pattern,” he remarked.
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However, losses in US soybeans and Malaysian palm oil were bearish for values.
The harvest is slowly advancing which added some pressure to the market as well.
The Canadian dollar was higher relative to its US counterpart which made canola less attractive to out-of-country buyers.
Around 8,600 contracts had traded as of 10:50 CDT,
Wednesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
