By Dave Sims, Commodity News Service Canada
WINNIPEG, August 8 (CNS) – Canola contracts on the ICE Futures platform were stronger in follow-through buying on Wednesday.
Hot temperatures in Western Canada underpinned the futures as farmers in Saskatchewan and Alberta worry about yields.
Gains in Chicago Board of Trade soybeans helped prop up values and short-covering was a feature of the morning’s activity.
Some traders were also positioning themselves ahead of this week’s supply and demand estimates from the United States Department of Agriculture.
However, canola is looking expensive relative to other oilseeds, which capped the upside.
About 12,500 canola contracts had traded as of 10:50 CDT.
Prices in Canadian dollars per metric ton at 10:50 CDT:
