By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, August 10 – Canola contracts on the ICE Futures Canada platform were higher at midday Monday, hitting their best levels in over two weeks as a rally in CBOT soybeans spilled over to provide support.
The USDA releases its first survey-based estimates on the size of the US soybean and corn crops on Wednesday, August 12, and a heightened sense of nervousness ahead of the report was driving the US futures higher, according to a broker.
Warmer and drier weather conditions in the US Midwest were also said to be somewhat supportive for the grains and oilseed futures in general.
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However, a firmer tone in the Canadian dollar did put some pressure on canola. The currency was up by nearly half a cent relative to its US counterpart at midsession.
About 8,000 canola contracts had traded as of 10:51 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:51 CDT:
