WINNIPEG–ICE Canada canola contracts were higher Thursday morning, enjoying spillover support from soybeans and soyoil.
Malaysian palm oil and European rapeseed futures were also higher which helped underpin the market.
Commercial buying was steady which boosted values.
However, strength in the Canadian dollar limited the gains. The loonie’s increase in value against its US counterpart made canola less attractive to buyers on the international market.
Yesterday’s Statistics Canada report which indicated there was more canola stocks than expected cast a bearish tone over the market.
Large supplies of South American soybeans are expected to be available soon, which also pressured values.
About 2,500 canola contracts had traded as of 8:30 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:30 CST:
