By Jade Markus, Commodity News Service Canada
WINNIPEG, July 5 – The ICE Canada canola market was higher in early activity on Wednesday.
Prices were stronger, tracking advances in the nearby Chicago Board of Trade soy complex.
CBOT soybeans, soymeal, and soy oil strengthened following the Independence Day holiday, buoyed by speculation about how weather in the US will affect production.
The Canadian dollar was weaker in early activity on Wednesday, which was also bullish for canola.
A weaker loonie makes Canadian commodities more affordable for international buyers.
Canola’s technical bias is to the upside, market watchers say, which added to the market’s advances.
However, crop conditions in Western Canada are generally good, which limited some strength, and could cap advances in coming sessions.
About 6,173 canola contracts had traded as of 8:42 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
