By Dave Sims, Commodity News Service Canada
WINNIPEG, February 8 – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CST on Wednesday, tracking gains in vegetable oil.
Chicago Board of Trade soybeans were also stronger, which added to the bullish tone.
The technical bias appears pointed higher and crush margins were favourable.
Advances in crude oil were supportive along with strong global demand for oilseeds.
However, strength in the Canadian dollar, relative to its US counterpart was bearish, as it made canola less enticing to out-of-country buyers.
Traders were likely positioning themselves ahead of tomorrow’s USDA supply and demand report.
About 26,000 canola contracts had traded as of 10:40 CST.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CST:
