By Dave Sims, Commodity News Service Canada
WINNIPEG, September 6 – Canola contracts on the ICE Futures Canada platform were slightly higher Wednesday morning, following a new report which confirms suspicions that stocks of canola are tight in Canada.
StatsCan pegged total stocks, as of July 31, at 1.3 million tonnes. That was on the low end of trade estimates heading into the report. While the report is always treated with a touch of scepticism due to its dated numbers, it still gives the trade a sense of where things are.
Gains in US soybeans were supportive for canola.
Canola crops in some parts of Alberta are behind the rest of the Prairies in terms of their development, according to an analyst.
However, recent strength in the Canadian dollar was bearish for canola.
Declines in vegetable oil dragged on values.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:00 CDT:
