By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 11 – The ICE Futures Canada canola market was mostly higher Thursday morning, finding support from a soft Canadian currency, as it made canola more attractive to foreign buyers.
Bargain hunting following recent declines was also behind the advances, according to analysts.
Further support came from ongoing worries about tight Canadian canola supplies and adverse growing conditions. Parts of Alberta and Saskatchewan are still looking for rain, while some Manitoban regions are too wet.
However, some spillover pressure came from the declines seen in outside oilseeds, including the Chicago soy complex, Malaysian palm oil and European rapeseed futures.
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Generally good conditions for US soybean crops and forecasts calling for rain in some of the dry regions of Western Canada were also bearish.
As of 8:43 CDT Thursday about 6,500 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola Jul 492.30 up 2.40
Nov 490.70 up 1.80
Jan 488.00 up 1.90
Milling Wheat Jul 217.00 unch
Oct 222.00 unch
Durum Jul 298.00 unch
Oct 298.00 unch
Barley Jul 205.00 unch
Oct 200.00 unch
