By Dave Sims, Commodity News Service Canada
WINNIPEG, August 7 – Canola contracts on the ICE Futures Canada platform were higher Thursday morning, as the market enjoyed support from geo-political worries in Russia and Ukraine, analysts said.
Russia’s decision to impose sanctions on certain agricultural imports from Canada sparked speculation that further penalties could be coming.
Sluggish selling activity from farmers and spec funds also helped to push values higher.
The Canadian dollar was down slightly against its US counterpart, which further supported values as did strength in European rapeseed futures.
However, the looming release of the USDA’s monthly crop report, scheduled to come out on Tuesday, pressured values.
About 800 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
