By Dave Sims, Commodity News Service Canada
Winnipeg, July 5 (CNS Canada) – The ICE Futures Canada canola market recorded strong gains on widespread support Wednesday. Concerns a heat blast in many parts of the Prairies could stress the flowering canola crop underpinned the advances.
Chicago Board of Trade soybeans finished higher on the day, which lent support to prices.
The Canadian dollar was weaker, relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Tightness in commercial canola stocks underpinned the market.
However, canola crops look reasonably healthy in Canada while soybeans are looking good in the US, which dragged down prices somewhat.
Strong soybean sales from South America capped the advances.
About 28,600 canola contracts traded on Wednesday, which compares with Tuesday when 15,524 contracts changed hands. Spreading accounted for 5,862 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
