By Jade Markus, Commodity News Service Canada
WINNIPEG, August 10 – ICE Canada canola contracts were higher in early activity on Wednesday, propped up by technical strength.
Traders say canola’s technical bias has shifted to the upside, which is bullish.
Moisture in parts of Western Canada is keeping a weather premium in the market, which further supported prices.
Advances in the Malaysian palm oil and Chicago Board of Trade soy oil markets added to the bullish tone.
However, the Canadian dollar was stronger against its US counterpart in early activity, which limited advances.
About 4,062 canola contracts had traded as of 8:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
