By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 6 (CNS Canada) – ICE Canada canola contracts were stronger Thursday morning, seeing some follow-through buying interest after recent gains as the charts remain pointed higher.
Mounting concerns over hot and dry conditions across parts of Western Canada contributed to the gains, with the hot temperatures coming right as canola is flowering in many areas.
Declining crop ratings for the US soybean crop were also supportive for the Canadian oilseed, although soybean futures were holding closer to unchanged in early activity.
A firm tone in the Canadian dollar and ideas that canola may be starting to look overbought tempered the advances, according to participants.
About 6,500 canola contracts had traded as of 8:57 CDT.
Milling wheat, durum, and barley futures were all untraded.
