By Dave Sims, Commodity News Service Canada
WINNIPEG, July 20 – Canola contracts on the ICE Futures Canada platform were stronger at 10:35 CDT on Wednesday, tracking gains in the vegetable oil market.
US soybeans and crude oil were also higher, which contributed to the upside.
Crushers in Canada are running flat-out which was bullish, said a Winnipeg-based trader.
There are ideas canola is relatively cheap compared to other oilseeds, which was supportive.
However, weather conditions across Western Canada are fairly good, the trader said.
“Nobody in Western Canada is too short of moisture,” he explained.
Spread activity was light which can make canola harder to move at times, said the trader.
About 8,700 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:35 CDT:
