By Phil Franz-Warkentin and Jade Markus, Commodity News Service Canada
Winnipeg, June 30 (CNS Canada) – ICE Futures Canada canola contracts were up sharply on Thursday, rising for the fourth straight session as a rally in the Chicago Board of Trade soy complex provided spillover support.
Speculators remained active buyers, as they continued to cover recent short positions and move to the long side of the market. Solid exporter and domestic crusher demand was another feature, according to participants.
Updated acreage and stocks data released by the USDA was neutral to bearish as far as soybeans were concerned, but the US futures still reacted to the report by bouncing sharply higher which added to the strength in canola.
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However, relatively favourable crop prospects across most of Western Canada did temper the gains.
Canadian markets will be closed Friday, July 1, for Canada Day, while US markets will close Monday, July 4, for Independence Day. Positioning ahead of the respective long weekends was a feature.
About 26,137 canola contracts were traded on Thursday, which compares with Wednesday when 20,197 contracts changed hands.
Milling wheat, durum, and barley futures were all untraded, although prices were revised after the close.
