By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 27 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Thursday, seeing some follow-through buying after Wednesday’s turn higher.
“We’re up on weather concerns,” said a Winnipeg-based trader noting that heat warnings in Alberta and Saskatchewan were further cutting into the production prospects in the two key canola producing provinces.
A lack of fund selling contributed to the gains, while farmers were also said to be reluctant sellers given the current state of uncertainty over new crop production.
Gains in Chicago Board of Trade soybeans were also supportive, although soyoil was turning lower in the US. A lack of significant commercial demand and the relative strength in the Canadian dollar also tempered the advances.
About 7,700 canola contracts had traded as of 10:54 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
