By Dave Sims, Commodity News Service Canada
WINNIPEG, September 14 – Canola contracts on the ICE Futures Canada platform were correcting higher at 10:43 CDT on Wednesday, in the wake of recent losses.
Softness in the Canadian dollar contributed to the gains as it made canola more attractive to out-of-country buyers.
Wet, cold weather across Western Canada during the harvest contributed to the upside.
Commercials may be looking for bargains at the lows, noted a trader in Winnipeg.
Global demand for vegetable oil was supportive.
However, recent forecasts for larger-than-expected soybean production in the US and a large canola crop in Australia limited the advances.
There is continued uncertainty about whether China will raise import rules on shipments of Canadian canola.
Chicago Board of Trade soybeans were slightly higher which was supportive.
About 10,300 canola contracts had traded as of 10:43 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 10:43 CDT:
