By Jade Markus, Commodity News Service Canada
WINNIPEG, July 29 – ICE Canada canola contracts were stronger at midday on Friday, propped up by advances in Chicago Board of Trade soybeans.
“The US dollar is singlehandedly pulling up soybean prices, and canola is tagging along,” one Winnipeg-based trader said.
US gross domestic product increased by 1.2 per cent in the second-quarter, which was less than half of what analysts had expected. That news caused the greenback to decline, which is bullish for US markets.
Advances in Malaysian palm oil further underpinned canola.
“It’s pretty quiet, there’s still weather in the background, but the bean market continues to seemingly largely ignore the weather,” the trader said.
Traders generally think there’s no threat to the soybean crop, despite hot, dry forecasts for August, he added.
About 5,294 contracts had traded as of 10:22 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:22 CDT:
