By Dave Sims, Commodity News Service Canada
WINNIPEG, August 2 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CDT on Wednesday, tracking gains in the US soy complex.
The market was also undergoing a slight correction, in the wake of yesterday’s losses.
Damage to canola crops in southern Saskatchewan and southern Alberta from the recent heat-wave, was supportive.
The Canadian dollar has fallen below the psychologically-important 80 US cent mark, which may have spurred some buying on the international market.
However, losses in Malaysian palm oil weighed on the market and the technical bias is pointed lower.
Western Canada and the US Midwest are seeing milder weather, which was bearish.
About 5,200 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:
