By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 21 – The ICE Futures Canada canola market was firmer Tuesday morning, seeing an upward correction following recent losses, analysts said.
Spillover support also came from the gains seen in the Chicago soy complex, Malaysian palm oil and European rapeseed futures.
Ongoing concerns about tight Canadian canola supplies, as drought reduced production prospects for this year’s crop, further underpinned values.
Reports that canola has lagged soybeans to the upside recently were also supportive.
However, improving weather conditions for North American oilseed crops tempered the advances.
The Canadian dollar was also firmer Tuesday morning, which was bearish for canola.
As of 8:42 CDT Tuesday about 2,400 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:42 CDT:
