By Dave Sims, Commodity News Service Canada
WINNIPEG, July 7 – Canola contracts on the ICE Futures Canada platform were stronger at 10:35 CDT on Friday, taking strength from gains in the US soy complex and weather concerns.
Heat warnings have been issued in parts of Saskatchewan and Alberta where temperatures are expected to climb past 30 degrees Celsius. There are fears the canola crop could get stressed as many of the plants are in the key flowering process.
“We may or may not see major crop damage in the coming weeks but the market is nervous about it,” said a trader in Winnipeg.
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Tightness in commercial canola stocks was bullish for prices while global demand for oilseeds remains strong.
However, the Canadian dollar was stronger relative to its US counterpart, which made canola less attractive to foreign buyers.
Strong soybean exports from South America capped the upside and some profit-taking came to bear in the early going.
About 13,500 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT
