By Dave Sims, Commodity News Service Canada
WINNIPEG, August 17 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Thursday, taking strength from advances in vegetable oil and US soybeans.
The Canadian dollar was slightly lower, relative to its US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
Uncertainty about the current size of the canola crop was supportive. Some analysts peg the crop at 17.5 million tonnes while others feel it could hit 19.5 million. Rationing is already underway to ensure the country doesn’t run out of supplies.
Farmer selling is slow.
However, large global supplies of oilseeds weighed on values.
About 3,900 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
