By Dave Sims, Commodity News Service Canada
Canola contracts on the ICE Futures Canada platform were mostly higher Thursday morning, taking strength from
gains in vegetable oil.
The Canadian dollar was slightly weaker relative to its US counterpart which made canola more attractive on the international
market.
Traders were positioning themselves ahead of the release of the USDA’s quarterly stocks and acreage report which could impact US
soybeans.
Traders are also positioning themselves ahead of Canada Day (Fri, July 1) and the July 4th holiday in the US.
Canola is relatively cheap compared to other oilseeds, an analyst said.
However, losses in Chicago Board of Trade soybeans limited the gains.
Canada’s canola crop and the US soy crop are generally off to good starts.
About 4,200 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CDT:
