By Jade Markus, Commodity News Service Canada
WINNIPEG, May 11 – ICE Canada canola contracts were stronger Thursday morning.
Canola was underpinned by advances in the Chicago Board of Trade soybean and soy oil markets.
Losses in the Canadian dollar against its US counterpart were also bullish for canola.
A weaker loonie is supportive, as it makes canola more appealing to international buyers.
Traders are pushing a weather premium into the market, amid forecasts for rain next week in Western Canada.
However, drier conditions in areas of the Prairies in the near-term limited the market’s upside.
About 1,856 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
