By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 31 – Canola contracts on the ICE Futures Canada platform were firmer amid choppy activity at 10:43 CDT Thursday, finding some spillover support from the gains seen in the Chicago soy complex, analysts said.
The market was also seeing an upward correction following recent losses, brokers added.
Ongoing worries about yield losses due to unfavourable weather in parts of Western Canada this year remained supportive overall.
Slow farmer selling and recent weakness in the value of the Canadian dollar were also bullish.
However, traders were wary of pushing prices too high ahead of results from CWB’s crop tour later Thursday, and ahead of the long weekend. Canadian markets will be closed Monday.
Improving weather in Western Canada and continued expectations of a very large US soybean crop were also bearish.
Activity was on the quiet side. As of 10:43 CDT Thursday, about 4,700 contracts had traded.
Milling wheat, barley and durum futures were untraded after the Exchange adjusted wheat values following Wednesday’s close.
Prices in Canadian dollars per metric ton at 10:43 CDT:
