By Jade Markus, Commodity News Service Canada
WINNIPEG, June 22 – ICE Canada canola contracts moved slightly higher on Wednesday, sluggishly following advances in Chicago Board of Trade soy markets.
“It’s kind of quiet, we’ve got the US markets pushing higher today,” said one Winnipeg-based trader.
US soy markets gained as a drier long-term forecast propped up prices.
The technical selling that pressured canola on Wednesday had eased, which allowed prices to gain.
The Canadian dollar moved to both sides of unchanged throughout the day, which added some choppiness into the market.
Canola’s technical bias is to the downside, traders say, which could add pressure throughout the day.
About 18,524 contracts had traded as of 10:35 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
