By Dave Sims, Commodity News Service Canada
WINNIPEG, July 4 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Tuesday, as the market took strength from yesterday’s gains in the US soy complex.
Canadian markets were closed yesterday for Canada Day while US markets take today off for the Fourth of July.
“We are realigning with yesterday,” said a trader in Winnipeg.
He added buyers may be holding back a bit though. Many will want to make sure there are no changes to the forecast before they stake big positions.
Large gains in US wheat futures yesterday added to the upside.
However, the Canadian dollar was higher relative to its US counterpart, which made canola less attractive to international buyers.
Weather conditions have been mostly favourable for oilseed development across North America which was bearish.
About 11,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
