By Dave Sims, Commodity News Service Canada
WINNIPEG, July 21 – Canola contracts on the ICE Futures Canada platform were higher at 10:45 CDT Tuesday, following gains in the US soy complex.
Malaysian palm oil and European rapeseed futures were also stronger which helped support canola prices.
The near-term canola contracts appear to have found some support at the C$520.00 per tonne mark.
Despite recent rains across parts of the Western Prairies the 2015/16 canola crop will still be a small one, according to a report.
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However, the Canadian dollar was stronger against its American counterpart which made canola less attractive to out-of-country buyers.
“Right now with the weather change there’s more canola out there than the farmer will let on. Definitely the crop will be a lot smaller but not as disastrous as we thought maybe three weeks ago,” said a trader.
Chinese demand is also on the downswing, added the trader, which was bearish for canola.
Around 5,600 contracts had traded as of 10:45 CDT, Tuesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
