By Dave Sims, Commodity News Service Canada
WINNIPEG, July 10 – ICE Canada canola contracts were higher Friday morning, following the US soy complex.
Traders were positioning themselves ahead of the release of the USDA’s World Agricultural and Supply Demand Estimates. That report is expected to be out at 11:00 CT.
Dry conditions across much of Western Canada continue to support canola values.
Speculation that the Greek debt crisis could be resolved soon has brought optimism back to financial markets which should help several commodities, including canola, traders say.
The Canadian dollar was slightly lower relative to its US counterpart which made canola more attractive to out-of-country buyers.
However, concerns over the state of China’s economy helped temper the upside, an analyst said.
Malaysian palm oil and European rapeseed were both lower which put pressure on values.
About 3,500 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
