By Dave Sims, Commodity News Service Canada
WINNIPEG, November 4 – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CST Wednesday, taking strength from gains in the vegetable oil market.
The Canadian dollar was lower relative to its US counterpart which made canola more desirable to domestic crushers and out-of-country buyers.
Speculators were short-covering and attempting to re-take previous positions, a trader said.
Commercial demand was steady, which was bullish, according to a report.
However, rain in Brazil is helping replenish soybean fields that were in need of moisture, which was bearish for values.
North American harvest pressure also weighed on the market.
Around 10,000 contracts had traded as of 10:35 CST,
Wednesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CST:
