By Dave Sims, Commodity News Service Canada
WINNIPEG, August 30 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:30 CDT on Wednesday, taking strength from action in the Canadian currency.
The Canadian dollar was over three-quarters of a cent weaker, relative to its US counterpart, which made canola more attractive to domestic crushers and international buyers.
Traders were positioning themselves ahead of tomorrow’s Statistics Canada production report. The report is always treated with a grain of salt due to the month-old numbers being used, but can still give investors a sense of where things are headed.
Tightness in commercial supplies of canola added to the upside.
However, harvest pressure and better-than-expected results from some early combined areas were bearish for values.
Losses in US soybeans dragged on prices.
About 6,500 canola contracts had traded as of 10:30 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:30 CDT:
