By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 3 (CNS Canada) – Canola contracts on the ICE Futures Canada platform held onto small gains at midday Wednesday, but were off their earlier highs.
Advances in Chicago Board of Trade soybeans and soyoil provided underlying support for canola, but the Canadian oilseed was lagging its US counterparts.
“Canola has good support from bean oil, but it is behaving sluggishly and turning choppy,” said a Winnipeg trader.
Weather-related production concerns were also supportive, with too much rain causing problems in some areas of Western Canada.
However, the crop prospects are still large overall, which tempered the upside.
The general technical bias is also still pointed lower, although support is holding to the downside.
About 10,000 canola contracts had traded as of 10:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
