By Dave Sims, Commodity News Service Canada
WINNIPEG, April 20 – Canola contracts on the ICE Futures Canada platform were mostly higher at 10:40 CDT on Wednesday, due to speculative buying.
Canola’s July contract topped the 200-day moving average, taking strength from a recent rally in the soy complex.
Traders were also adjusting positions ahead of Thursday’s Statistics Canada planting intentions report.
Canola acres are expected to be in line or slightly lower than last year’s numbers at the same time, analysts said.
Some parts of Alberta and Saskatchewan are too dry right now which contributed to the upside.
However, strength in the Canadian dollar and losses in crude oil were bearish for canola.
Declines in Chicago soyoil limited the gains.
Farmer selling was brisk which helped undermine the market.
About 21,000 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:
