By Dave Sims, Commodity News Service Canada
WINNIPEG, August 24 – Canola contracts on the ICE Futures Canada platform were higher Thursday morning, as continued gains in the vegetable oil market provided the path of least resistance.
Yesterday’s decision by the US to impose tariffs on imports of Argentine and Indonesian bio-diesel underpinned the oilseed market.
Advances in soybeans were supportive for canola along with the tight supply situation facing the industry.
Farmer selling has been sluggish.
However, the Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to foreign buyers.
There are ideas canola is becoming expensive relative to other oilseeds.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:52 CDT:
