By Dave Sims, Commodity News Service Canada
WINNIPEG, August 3 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, tracking gains in vegetable oil.
The Chicago Board of Trade soy complex was also higher which added to the upside.
Recent rains across Western Canada have bolstered concerns about excess water in some canola-growing areas.
Rain in parts of Europe is delaying the rapeseed harvest over there which could cut into supplies.
The front-month November contract continues to hold above its key support level.
However, there are ideas favourable weather in the US Midwest could improve the soybean crop.
Any significant losses could be viewed as a selling opportunity which could build on itself, said an analyst.
About 3,700 canola contracts had traded as of 8:45 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:45 CDT:
