ICE Canadian canola futures were higher on Wednesday on continued wet and cold weather that was stalling canola planting and threatening emerged crops in some areas, traders said. Chicago Board of Trade soybean futures were called 4 to 6 US cents per bushel higher on concerns about US planting delays, possible loss of planted acreage and lower yield prospects.
Traders said a frost in north-west Saskatchewan on Monday night may have hurt some emerged canola. MATIF November rapeseed was up 2.25 euros or 0.48 percent. Traders see canola trading $2 to $5 higher at the Chicago Board of Trade open. July was up $3.70 at $583.90 per tonne on volume of 539 contracts as of 8:51 am CDT (1351 GMT).
New-crop November was up $3.50 to $589.50 on volume of 516. A weaker Canadian dollar added support. The currency weakened against the US dollar, trading at $0.9772 to the greenback, or US $1.0234, down from $0.9761 or US $1.0245 at Tuesday's close. NYMEX crude oil futures were down 25 US cents at US $99.34 per barrel. Malaysian palm oil futures rose to a six-week high as strong export data issued by cargo surveyors point to an increase in stocks and as external markets strengthened.