By Dave Sims, Commodity News Service Canada
WINNIPEG, July 30 – ICE Canada canola contracts were higher Thursday morning, taking strength from sharp advances in the CBOT soy complex.
The Canadian dollar was weaker compared to its US counterpart, which made canola more attractive on the international market.
Expectations of tight canola stocks at the end of the 2015/16 year also underpinned the market.
Excess rain in the eastern Prairies was stressing some canola fields, which was supportive for prices.
There are rumours that China is preparing to buy Canadian canola, an analyst said.
However, recent rains have largely benefited crops in Saskatchewan and Alberta and taken some of the weather premium out of the market.
The longer-term technical bias is pointed downward, according to a report. Any selling opportunities could also build on themselves.
About 2,900 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
