By Jade Markus, Commodity News Service Canada
WINNIPEG, July 14 – ICE Canada canola contracts were stronger at midday on Thursday, following advances in Chicago Board of Trade soy oil, and propped up by weather concerns.
Despite gaining ground at midday, canola was lagging soy oil after yesterday’s advances.
“Canola was quite a bit stronger than the US markets yesterday, but today it’s giving a bit of that back,” said one Winnipeg-based analyst.
However, concerns about warm, dry US weather affecting the domestic soybean crop kept support in the canola market.
“There’s definite reasons to be concerned. It doesn’t mean we’re going to lose crop, but the market has been a little bit nervous,” the analyst said.
Malaysian palm oil closed stronger overnight, which further supported values.
The Canadian dollar was stronger against its US counterpart at midday on Thursday, which capped gains.
About 6,399 contracts had traded as of 10:25 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
