By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 24 – Canola contracts on the ICE Futures Canada platform were slightly higher at 10:37 CDT Thursday, following the gains seen in the Chicago soy complex, analysts said.
Ongoing uncertainty surrounding how much damage has been done to western Canadian crops by recent flooding was also supportive.
Scale-down end-user buying also underpinned the market, as did ideas that recent losses were overdone.
However, canola prices were off their early highs as improving forecasts for Western Canada this weekend weighed on prices, brokers said. Precipitation that will be welcome in many areas is expected to move from Alberta to Manitoba.
Continued expectations of a record large 2014/15 US soybean crop, weakness in European rapeseed futures and light farmer selling were also bearish.
As of 10:37 CDT Thursday, about 9,700 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:37 CDT:
