By Dave Sims, Commodity News Service Canada
WINNIPEG, June 15 – Canola contracts on the ICE Futures Canada platform were stronger at 10:35 CDT on Thursday, taking support from the weaker Canadian currency and gains in the US soy complex.
The Canadian dollar was around a third of a cent lower relative to its American counterpart, which made canola more attractive to foreign buyers.
There is still uncertainty about the overall weather situation in Canada and the US, according to a trader in Winnipeg.
“We’ll chop around for the next few weeks until the crop situation gets a little more stable and clear,” he said.
Malaysian palm oil was stronger, which lent support to canola.
South America continues to pump out large exports of soybeans, which was bearish for values.
The technical bias is pointed lower.
About 7,800 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:
