By Dave Sims, Commodity News Service Canada
WINNIPEG, July 19 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Wednesday, following gains in the US soy complex.
Advances in Malaysian palm oil were bullish for prices.
There are ideas that recent hot temperatures across Western Canada have already caused some damage to the crop.
Tight Canadian canola stocks and steady global demand for oilseeds underpinned the market.
However, strength in the Canadian dollar weighed down prices.
Crush margins are deteriorating which suggests rationing of supplies has already started.
Strong soybean exports from South America pressed down on prices.
About 7,800 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
