By Jade Markus, Commodity News Service Canada
WINNIPEG, June 2(CNS Canada) – ICE Canada canola contracts were stronger on Thursday, tracking gains in US soybean and soymeal markets.
Canola contracts were moving higher with spillover support from rallying Chicago Board of Trade soy markets.
At midday soymeal was up more than ten dollars, while soybeans had gained about 25 cents.
“The meal and soybeans are firing higher today. They’re up, up, and away, and that has canola in tow,” said one Winnipeg-based analyst.
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Losses in the Canadian dollar against its US counterpart were also supportive to canola, the analyst said.
But mostly favourable crop conditions across the Prairies capped advances on Thursday.
“It’s generally pretty wet across Western Canada, a tad too wet in a few areas, but it looks like we’re going to have some drying weather over the short term,” the analyst said.
That weather will allow growers to get into fields to continue spraying operations.
Traders are rolling their July positions into the November contract, the analyst said, which was a feature on Thursday.
About 16,167 contracts had traded as of 10:32 CDT.
Milling wheat and durum were untraded and unchanged, while barley moved higher in early activity.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
