By Jade Markus, Commodity News Service Canada
WINNIPEG, July 20 (CNS Canada) – ICE Canada canola contracts were stronger at midday on Thursday.
The market advanced with spillover strength from the US soy complex and concern about crops in Western Canada.
Chicago Board of Trade soybeans, soy meal and soy oil were all higher Thursday, due to dry weather in the Midwest.
In the Prairies, weather is also throwing the quality of this year’s crops into question.
“The forecast is telling us we are unfortunately on the drier side for Canada,” said one Winnipeg-based trader.
He added that the Saskatchewan Agriculture crop conditions report due out later in the day will provide the market with more clarity on how crops are faring.
Spec buying was also a feature on Thursday.
About 6,400 contracts had traded as of 11:46 a.m. EDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
