By Dave Sims, Commodity News Service Canada
WINNIPEG, August 16 – Canola contracts on the ICE Futures Canada platform were posting slight gains Wednesday morning, correcting upwards in the wake of this week’s losses.
There are ideas the market was oversold, which sparked the turnaround.
Gains in US soyoil were supportive for canola.
Concerns over the impact of heat stress on this year’s crop in Western Canada, underpinned prices.
However, the Canadian dollar was higher relative to its US counterpart, which made canola less attractive to domestic crushers and foreign buyers.
Expectations of a large soybean crop in the US continued to weigh on values.
Losses in US soybeans and Malaysian palm oil were bearish.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:05 CDT:
