By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 12 – The ICE Futures Canada canola market was firmer Friday morning, following the advances seen in Chicago soyoil futures.
Further support came from the softer Canadian dollar, as it made canola less expensive to crushers and exporters, analysts said.
Ongoing worries about unfavourable growing conditions in Western Canada, as parts of the western Prairies are still in need of rain, added to the bullish tone. There are some forecasts calling for rain in the dry regions, but it may not be enough to provide full relief.
However, some spillover pressure came from the declines seen in Chicago soybean, Malaysian palm oil and European rapeseed futures.
The large global oilseed supply situation was also overhanging the canola market.
As of 8:40 CDT Friday about 2,050 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
