By Jade Markus, Commodity News Service Canada
WINNIPEG, MB, June 8, 2017 (CNS Canada) – ICE Canada canola contracts were stronger at midday on Thursday, following US markets higher in tepid trade.
“There’s not much happening and the volumes are pretty low,” said one Winnipeg-based trader.
However, spill-over support from the Chicago Board of Trade soy complex kept canola values higher.
CBOT soybeans, soy meal and soy oil advanced as weather in key growing areas of the US is expected to be hot and dry during the upcoming weekend.
“Throughout the Midwest it’s really on the excessive hot side. So it’s obviously a bit bullish,” the trader added.
“And I think canola is just sort of following along but not as much.”
Canola has been lagging US markets since it outpaced CBOT soybeans on Monday.
About 6,820 contracts had traded as of 11:03 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
