By Dave Sims, Commodity News Service Canada
WINNIPEG, August 4 – Canola contracts on the ICE Futures Canada platform were moderately higher Thursday morning, enjoying widespread support.
The Chicago Board of Trade soy complex was higher which benefited canola.
As well, strong gains in Malaysian palm oil underpinned the market along with smaller advances in European rapeseed futures.
Rain across parts of Western Canada is becoming a problem for some canola-growing areas.
Demand for oilseeds continues to stay strong, according to a report.
However, the Canadian dollar was stronger relative to its US counterpart which made canola less desirable to foreign buyers.
Losses in crude oil were bearish for canola.
About 2,600 canola contracts had traded as of 8:45 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:45 CDT: