By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 17 (CNS Canada) – ICE Canada canola contracts were stronger Wednesday morning, with advances in outside vegetable oil markets providing some support.
Chicago Board of Trade soyoil futures were posting good gains in early activity, while Malaysian palm oil was up overnight.
A weaker tone in the Canadian dollar was also supportive for crush margins, as the currency backed away from its recently hit one-month highs.
While weather concerns in some areas of Western Canada were somewhat supportive as well, expectations are still for large North American oilseed crops overall.
Concerns over declining Chinese demand, due to new dockage rules set to be implemented soon, were another bearish influence.
About 4,200 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
