By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 30 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Thursday, as speculative buying and end-user bargain hunting provided support.
Spread activity, as investors were buying canola and selling Chicago Board of Trade soybeans, remained a feature on Thursday, according to participants.
Exporters and domestic crushers were also thought to be on the buy side, as canola is attractively priced compared to other oilseeds.
Relatively favourable crop conditions across most of Western Canada limited the upside.
The USDA releases updated acreage and stocks data at 11:00 CDT, and any surprises in those numbers could swing the market in the final hours of the trading day.
Canadian markets will be closed Friday, July 1, for Canada Day, while US markets will close Monday, July 4, for Independence Day. Positioning ahead of the respective long weekends was a feature.
About 8,500 canola contracts had traded as of 10:31 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
