By Dave Sims, Commodity News Service Canada
WINNIPEG, August 11 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT on Friday, taking strength from gains in soy and tightness in canola stocks.
“There are signs canola is exerting its strength because the supply situation is tighter in canola than soybeans,” noted a trader in Winnipeg.
Advances in vegetable oil were supportive for the market.
There are still many areas of Western Canada in need of rain, which underpinned prices.
However, the Canadian dollar was about a quarter of a cent higher, relative to its US counterpart, which made canola less attractive to domestic crushers and outside buyers.
The USDA is projecting a massive soybean crop in the US, which cast a bearish tint over the market.
About 3,700 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT: