By Dave Sims, Commodity News Service Canada
WINNIPEG, June 29 – Canola contracts on the ICE Futures Canada platform were stronger Thursday morning, tracking advances in the
US soy complex and vegetable oil markets.
Tightness in commercial stocks of canola was supportive for prices.
The November contract is looking relatively cheap, according to a trader.
Demand for global oilseeds remains strong.
However, canola futures took a slight dip in early trading after today’s acreage report was released by Statistics Canada. The report
pegged canola acreage in 2017/18 at 22.8 million acres, which exceeded analysts’ expectations.
The Canadian dollar was slightly higher than its US counterpart, which made canola less attractive on the international market.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:50 CDT:
