WINNIPEG–Canola contracts on the ICE Futures Canada platform were firmer at 11:40 a.m. ET on Wednesday, as funds and speculators bought back positions.
Advances in other vegetable oils were also bullish for canola. Concerns persist about excess water in parts of western Canada, which underpinned the market. Canola is considered relatively cheap compared to other oilseeds which was supportive.
However, the Canadian dollar was higher relative to its U.S. counterpart, which was bullish for values.
Losses in crude oil limited the upside.
The market could be prone to profit-taking ahead of Friday’s USDA report, a trader said.
About 8,400 canola contracts had traded as of 11:40 a.m. ET.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 11:40 a.m. ET:
Price Change Canola Nov 463.50 up 3.60 Jan 469.40 up 3.50 Mar 475.00 up 3.60 Milling Wheat Oct 211.00 unch Dec 214.00 unch Durum Oct 260.00 unch Dec 263.00 unch Barley Oct 138.00 unch Dec 138.00 unch Stock Market Quotes, Business News, Financial News from http://commodity-market-news.com
Write to Dave Sims at cnscanada[a]shaw.ca
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