By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 28 (CNS Canada) – ICE Canada canola contracts were firmer Thursday morning, seeing more of the speculative short-covering that helped prices bounce off of major support the previous two sessions.
Talk of some fresh export demand contributed to the gains, according to participants, as crush margins remain at some of their widest levels of the past year.
However, losses in Chicago Board of Trade soybean and soyoil contracts put some pressure on canola, tempering the gains.
The relatively favourable North American crop conditions and expectations for large crops limited advances as well.
The Canadian dollar was holding relatively steady in early activity.
About 4,000 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
