By Dave Sims, Commodity News Service Canada
WINNIPEG, July 10 – Canola contracts on the ICE Futures Canada platform were stronger Monday morning, tracking sharp advances in US soybeans and vegetable oil.
Crop concerns are building across Western Canada as hot weather threatens the flowering canola crop. Most of the US Midwest is expected to stay hot and dry, which will likely stress the soybean crop.
Canola stocks are tight in Canada, which underpinned prices.
The technical bias is pointed higher.
However, production of oilseeds across North America could still turn out to be very large, which kept some caution in the market.
Recent strength in the Canadian dollar continues to loom over canola prices.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
