By Dave Sims, Commodity News Service Canada
WINNIPEG, August 23 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, taking strength from gains in vegetable oil.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive in foreign markets.
The market also took strength from follow-through buying and tight canola supplies.
The technical bias is pointed higher.
However, cooler weather and scattered rains across Western Canada were bearish for values.
Canola is becoming somewhat expensive compared to other oilseeds.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
