By Dave Sims, Commodity News Service Canada
WINNIPEG, July 18 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at midday Wednesday, as concerns over dryness in the Western Prairies underpinned the futures.
Strong gains in U.S. soyoil were bullish for the market.
Recent weakness in the Canadian dollar lent support to values.
Gains in Malaysian palm oil and European rapeseed futures helped prop up prices.
However, global trade tensions kept some caution in the market and the technical bias appears pointed lower.
About 7,600 canola contracts had traded as of 10:50 CDT.
Prices in Canadian dollars per metric ton at 10:50 CDT:
