By Jade Markus, Commodity News Service Canada
Winnipeg, July 20 (CNS Canada) – ICE Futures Canada canola ended higher on Thursday, supported by speculative buying.
Traders moved to the bull side, as the canola crop may be feeling pressure from hot and dry conditions across the Prairies—especially as supplies of the commodity are already tight.
Spill-over strength from the Chicago Board of Trade soy complex added to the market’s upside.
However, recent strength in the Canadian dollar is keeping a lid on prices, as it has the potential to cut into export demand.
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Around 11,399 traded on Thursday, which compares with Wednesday when around 12,030 canola contracts changed hands.
SOYBEAN futures at the Chicago Board of Trade advanced 11 to 13 cents per bushel on Thursday.
The market was underpinned by concerns about the US crop, as weather in the US Midwest looks mostly dry.
Advances in soy oil and soy meal also underpinned values.
A generally weaker US dollar was another supportive feature, as it could spur increased demand from international buyers.
SOYOIL prices closed stronger on Thursday.
SOYMEAL advanced on Thursday.
CORN futures were five to eight cents per bushel stronger on Thursday.
The corn market also advanced with concern about a lack of moisture in US growing regions — especially as crops move into a key pollination period.
Falling crop condition ratings added to the market’s strength, while a weaker US dollar was also supportive.
Wheat was up two to three cents per bushel stronger with speculation about crop conditions in the US.
However, the trade is turning its focus back to the ample supplies of the grain, which limited the market’s upside.
