By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 8 – The ICE Futures Canada canola market was firmer at midday Wednesday, following the gains seen in Chicago soybean and soyoil futures, analysts said.
Sentiment that the large losses seen Tuesday, and during the overnight session, were overdone, added to the bullish tone.
Ongoing uncertainty surrounding the size of North American oilseed crops, as the US Midwest is too wet, and Western Canada remains hot and on the dry side, further underpinned values.
Recent weakness in the Canadian dollar was also supportive, as it made canola more attractive to foreign buyers.
However, reports of improving crop conditions in Canadian canola fields, due to recent favourable rainfall, limited the advances.
Spillover pressure also came from the declines seen in Malaysian palm oil and European rapeseed futures.
As of 10:34 CDT Wednesday, about 9,950 contracts had traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CDT:
