By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 6 – The ICE Futures Canada canola market was slightly higher Thursday morning amid quiet activity.
Strength in European rapeseed futures was supportive, as were ideas that Wednesday’s losses were overdone, analysts said.
Expectations that the USDA will lower the US soybean acreage figure in their upcoming monthly supply and demand report on August 12 were also bullish.
Ongoing uncertainty about how large the Canadian canola crop will be this year also provided some underlying support.
However, weakness in the Chicago soy complex spilled over to weigh on the market.
A firmer tone in the Canadian currency was also bearish, as it made canola less attractive to crushers and exporters.
As of 8:43 CDT Thursday about 1,765 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
