By Dave Sims, Commodity News Service Canada
WINNIPEG, May 4 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Wednesday, taking strength from action in the Canadian currency and gains in the US soy complex.
The Canadian dollar was nearly a cent lower relative to its US counterpart, which made canola more desirable to domestic crushers and foreign buyers.
Dry weather across parts of Western Canada was supportive for the market.
Commercial buying was steady which helped to underpin prices.
However, speculation that US interest rates could rise has weighed down financial markets which was bearish for canola.
Soybean planting in the US is proceeding at a quicker-than-expected pace, which limited the gains.
About 14,500 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
