By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 23 – The ICE Futures Canada canola market was posting small gains Thursday morning, taking some direction from the firmer Chicago soyoil market, analysts said.
Some spillover support also came from the advances seen in European rapeseed futures overnight.
The market was also underpinned by ongoing worries about tight Canadian canola supplies, as drought is likely to lower production. On Thursday, CWB pegged the 2015/16 Canadian canola crop at 12.18 million tonnes, significantly smaller than last year’s 15.56 million tonne crop.
However, the upswing in the value of the Canadian dollar limited the advances.
Improving weather in Western Canada, the large global oilseed supply situation and signs of slowing demand from China were also bearish.
As of 8:38 CDT Thursday about 2,000 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
