By Dave Sims, Commodity News Service Canada
WINNIPEG, June 30 – Canola contracts on the ICE Futures Canada platform were mostly stronger Friday morning, propped up by gains in the US soy complex and some speculative buying.
The USDA is scheduled to release its quarterly stocks and acreage numbers this morning at 11:00 CT. There are ideas the US bean stocks number could come in lower than expected, which underpinned the market.
Canola stocks are tight in Canada, which supported prices.
The technical bias is pointed higher and demand for oilseeds remains firm.
However, the Canadian dollar was slightly higher relative to its US counterpart, which made canola less attractive to out-of-country buyers.
Growing conditions for canola are generally favourable across the Prairies, which weighed on prices.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:56 CDT:
