By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 20 (CNS Canada) – ICE Canada canola contracts were stronger Thursday morning, as ongoing North American production uncertainty provided support.
Conditions remain hot and dry in many parts of Western Canada, while Midwestern weather concerns are also keeping soybeans pointed higher, with yield prospects declining for both crops.
Tight old crop supplies remain another supportive influence in canola, according to participants.
The Canadian dollar was slightly weaker relative to its US counterpart in early activity, which added to the firmer tone in canola.
However, Wednesday’s lower close was bearish from a chart standpoint, which tempered the advances on Thursday.
About 2,200 canola contracts had traded as of 8:57 CDT.
Milling wheat, durum, and barley futures were all untraded.
