By Dave Sims, Commodity News Service Canada
WINNIPEG, June 8 – Canola contracts on the ICE Futures Canada platform were higher at 9:00 CDT on Wednesday, following gains in the Chicago Board of Trade soy complex.
European rapeseed futures and crude oil were both higher, which was bullish for values.
Farmer selling is still somewhat muted right now as farmers wind down seeding across Western Canada.
However, the Canadian dollar was higher relative to its US counterpart, which made canola less desirable on the international market.
Wet weather is forecast across parts of Western Canada over the next few days which should alleviate lingering concerns over dryness.
The US soy crop is off to a good start, according to a report.
About 5,000 canola contracts had traded as of 9:00 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 9:00 CDT:
