By Jade Markus, Commodity News Service Canada
WINNIPEG, July 21 – ICE Canada canola contracts were stronger in early activity on Thursday, propped up by advances in Chicago Board of Trade soybeans.
CBOT soybeans gained in corrective trade Thursday morning, which caused spillover support to canola.
Wetness in Canada, and drier conditions south of the border are keeping a weather premium in the market, despite the expectation that North American yields and production will be large.
The Canadian dollar was stronger against its US counterpart in early activity, which had a slightly bearish effect.
Overnight weakness in the Malaysian palm oil market put a lid on advances.
About 3,988 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
