By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 31 – Canola contracts on the ICE Futures Canada platform were fractionally firmer at 8:51 CDT Thursday, seeing an upward correction following recent losses, analysts said.
Continued weakness in the value of the Canadian dollar was also bullish, as it made canola more attractive to crushers and exporters.
Ongoing concerns about crop damage due to excess dryness and moisture in parts of Western Canada this year were also supportive.
A slightly firmer tone in the Chicago soy complex was also supportive for canola.
However, ongoing expectations of a very large 2014/15 US soybean crop helped to limit the advances.
A bearish technical bias and improving weather for crop development in Western Canada also put downward pressure on prices.
As of 8:51 CDT Thursday, about 2,100 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Wednesday’s close.
Prices in Canadian dollars per metric ton at 8:51 CDT:
