By Dave Sims, Commodity News Service Canada
WINNIPEG, July 24 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT Friday, on speculative buying.
The Canadian dollar was slightly lower against its US counterpart which made canola more attractive to domestic crushers and exporters.
Malaysian palm oil was higher which also supported prices.
CWB has pegged 2015/16 canola production at 12.5 million tonnes. This is much lower than an earlier estimate by the Canadian government but slightly above CWB’s previous estimate of 12.2 million tonnes.
However, the US soy complex was lower which dragged on canola values.
“There could be a big selloff at the end if US markets stay as weak as they are,” a trader said.
Large, world-wide supplies of soybeans were bearish for the market.
Around 12,500 contracts had traded as of 10:45 CDT, Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
