By Dave Sims, Commodity News Service Canada
WINNIPEG, July 12 (CNS) – Canola contracts on the ICE Futures Canada platform were lower Wednesday morning, due to losses in the US soy complex.
Cool wet weather across parts of Western Canada is reducing fears about heat stress on canola, which was bearish.
Traders are also staking positions amid the release of key economic and agricultural reports. The Bank of Canada hiked interest rates this morning for the first time in seven years.
Then, at 11:00 CT, the USDA is scheduled to release the World Agricultural Supply and Demand Estimates, which will give traders a better idea of the world’s soybean crop and could influence canola.
Large funds will likely be busy looking for buying opportunities amid choppy trading.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:05 CDT:
