By Dave Sims, Commodity News Service Canada
WINNIPEG, July 5 – Canola contracts on the ICE Futures Canada platform were higher at 10:35 CDT on Wednesday, due to worries that rising temperatures in Western Canada could stress canola during the crucial flowering period.
“We have a canola crop that is in a varied state of development,” said a trader in Winnipeg. “Some of it went in late.”
The Canadian dollar was weaker, relative to is US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
Gains in the US soy complex were bullish for the market.
However, oilseed crops throughout North America are doing fairly well, which weighed on values.
There is speculation traders could take profits and any selling could build on itself.
About 14,200 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
