By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 22 – The ICE Futures Canada canola market was posting small gains Wednesday morning, finding support from the sharply weaker Canadian currency, as it made canola more attractive to crushers and exporters.
Sentiment that canola has been weak relative to other oilseed markets lately further underpinned the market, analysts said.
Ongoing concerns about tight Canadian canola supplies, as unfavourable growing conditions will likely lower production this year, added to the bullish tone.
However, recent favourable rainfall in the dry regions of Western Canada is stabilizing the crop, which limited the upside.
Weakness in Chicago soybean and soyoil futures also spilled over to weigh on the canola market.
As of 8:38 CDT Wednesday about 1,550 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
