By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 27 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:42 CDT Wednesday, finding support from sentiment that the market is oversold, analysts said.
Concerns about cool, wet weather causing damage to some canola crops in Manitoba and Saskatchewan this week added to the bullish tone.
A lack of significant farmer selling was also supportive, though the upswing in the value of the Canadian dollar was weighing on prices.
Some spillover pressure also came from the declines seen in Chicago soybean and soyoil futures. Continued expectations of record large US soybean production were bearish for North American oilseeds.
As of 10:42 CDT Wednesday, about 8,825 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:42 CDT:
