By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 26 (CNS Canada) – ICE Futures canola contracts were stronger at midday Thursday, as overnight gains in Chicago Board of Trade soybeans provided spillover support.
While soybeans backed away from their earlier highs, canola remained reasonably supported with persistent production concerns in parts of the Prairies underpinning the market. A broker said fund traders covering short positions were behind some of the strength.
Positioning ahead of the weekly Saskatchewan crop accounted for some of the activity. A crop tour of the Prairies conducted by FarmLink Marketing Solutions is also set to announce its results later in the day.
The Canadian dollar was trading to both sides of unchanged on Thursday, providing little direction for the canola market.
About 6,000 canola contracts had traded as of 10:45 CDT.
