By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 28 – Canola contracts on the ICE Futures Canada platform were stronger at 10:49 CDT Thursday, lifted by some fresh speculative buying interest, analysts said.
Uncertainty surrounding what 2014/15 (Aug/Jul) Canadian canola supplies will be like, due to variable conditions throughout the summer and recent unfavourable cool weather in the Prairies, added to the bullish tone.
Further support came from a lack of significant farmer selling, steady commercial demand and oversold price sentiment.
Strength in Chicago soybean futures was also bullish for canola.
However, the recent upswing in the value of the Canadian dollar helped to limit the advances.
Continued expectations of record large 2014/15 US soybean production were also bearish.
As of 10:49 CDT Thursday, about 10,400 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:49 CDT:
