By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 9 – The ICE Futures Canada canola market was up sharply on Thursday, following a rally seen in the Chicago soybean complex, analysts said.
Ongoing uncertainty about how big the 2015 Canadian canola crop will be, due to recent drought in Alberta and Saskatchewan, was also supportive. Traders are also concerned about forecasts calling for unfavourable very hot weather across the Canadian Prairies.
Sentiment that recent losses were overdone further underpinned the market, as did strength in Malaysian palm oil and European rapeseed futures overnight.
However, the upswing in the value of the Canadian dollar limited the upside, as it made canola less attractive to crushers and exporters.
The large global oilseed supply situation, as the US soybean crop is still expected to be large despite concerns about excess moisture, was also bearish.
As of 10:48 CDT Thursday, about 8,900 contracts had traded.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:48 CDT:
