By Jade Markus, Commodity News Service Canada
WINNIPEG, October 26 – ICE Canada canola contracts were higher in early activity on Wednesday, following advances in the Chicago Board of Trade soy complex.
Soy markets were underpinned by rain in the US Midwest, which could cause harvest delays.
Overnight gains in the Malaysian palm oil market added to the advances.
Canola’s technical bias is to the upside, which furthered gains.
However, the market may be due for some profit-taking, which could cap the upside.
Ideas that South American producers will seed another large soybean crop this year may also limit gains.
About 8,957 canola contracts had traded as of 8:42 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
