By Dave Sims, Commodity News Service Canada
WINNIPEG, July 14 – Canola contracts on the ICE Futures Canada platform were higher Thursday morning, following gains in vegetable oil. Malaysian palm oil, US soyoil and European rapeseed futures were all stronger.
Gains in crude oil and Chicago Board of Trade soybeans were also supportive for values.
Heavy rain across parts of the Prairies was bullish for prices.
However, the Canadian dollar was higher relative to its US counterpart which made canola less enticing to domestic crushers and foreign buyers.
Canola could be prone to profit-taking later in the day, an analyst said.
About 3,700 canola contracts had traded as of 8:50 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
