By Dave Sims, Commodity News Service Canada
WINNIPEG, July 18 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT on Tuesday, tracking gains in the US soy complex.
Hot temperatures in Western Canada continue to throw a weather premium into the market.
Tight canola stocks in Western Canada underpinned prices.
Spec money is starting to move into the buy side near-term, according to a report.
However, gains in the Canadian dollar, relative to its US counterpart, weighed on prices.
Losses in Malaysian palm oil limited the gains and the bias is pointed lower.
Forecasts calling for rain in Western Canada dragged on prices.
About 7,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:45 CDT:
