By Dave Sims, Commodity News Service Canada
WINNIPEG, July 13 – Canola contracts on the ICE Futures Canada platform were higher Wednesday morning, taking direction from strength in the US soy complex.
The vegetable oil market also recorded gains, which was bullish for canola.
The Canadian dollar was weaker compared to its US counterpart, which was supportive.
Traders are likely keeping their eye on the Bank of Canada which is scheduled to release its latest economic update later today.
However, canola looks to be consolidating slightly, according to a report.
Early gains this morning could lead to profit-taking later on, an analyst said.
About 7,000 canola contracts had traded as of 8:50 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CDT:
