By Terryn Shiells, Commodity News Service Canada
WINNIPEG, Oct 15 – Canola contracts on the ICE Futures Canada platform were slightly higher Wednesday morning amid choppy, two-sided activity. The market was said to be consolidating following Tuesday’s rally.
Spillover support from the advances seen in Chicago soybean and soymeal futures helped to underpin the market, according to analysts.
Ongoing worries about harvest delays in the US Midwest and concerns about dry weather causing problems for Brazil’s upcoming soybean crop were also bullish.
However, some spillover pressure came from the declines seen in Chicago soyoil, European rapeseed and Malaysian palm oil futures in early and overnight activity.
Ongoing expectations of record large US soybean production and the upswing in the value of the Canadian dollar were also bearish.
As of 8:53 CDT Wednesday, about 4,400 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 8:53 CDT:
