By Dave Sims, Commodity News Service Canada
WINNIPEG, July 16 – ICE Canada canola contracts were mostly higher Thursday morning, in sympathy with the US soy complex and other commodities.
Malaysian palm oil and European rapeseed futures were also higher which supported canola.
While rain across parts of Western Canada has alleviated some dry areas the lack of moisture is still underpinning the market, according to an analyst.
However, the long-term bias is starting to tilt lower now that the weather on the Western Prairies isn’t as consistently drought-like, an analyst said.
Showers are forecast for parts of northern Alberta and southwest Saskatchewan in the next 2 to 3 days which also limited the gains.
Some fund traders have liquidated their long positions, according to a report.
About 1,300 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
