By Dave Sims, Commodity News Service Canada
WINNIPEG, July 5 (CNS) – Canola contracts on the ICE Futures Canada platform were correcting higher at midday Thursday.
Steady demand helped prop up values, with some interest likely coming from China as that country prepares to impose tariffs on U.S. soybeans starting Friday.
The next week is looking somewhat dry across the Prairies, which could stress parched areas of Saskatchewan and Alberta.
Speculative buying was a feature of the morning’s activity.
However, losses in U.S. soybeans and soyoil capped the upside.
Global trade uncertainty is keeping speculators away from the long side of the market, according to an analyst in Winnipeg.
About 6,200 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
