By Dave Sims, Commodity News Service Canada
WINNIPEG, October 12 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, in sympathy with soyoil.
Malaysian palm oil, European rapeseed futures and US soybeans were also stronger which contributed to the upside.
The Canadian dollar was slightly weaker compared to its US counterpart, which made canola more desirable to domestic crushers and foreign buyers.
Traders are showing some caution ahead of today’s USDA World Agricultural Supply and Demand Estimates.
Snow and rain across parts of Western Canada was supportive.
However, there are ideas today’s USDA report will confirm a massive US soybean crop is on the way, according to a report.
About 4,800 canola contracts had traded as of 8:58 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
