By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 28 (CNS Canada) – ICE Futures Canada canola contracts were mostly higher at midday Thursday, with weather concerns in parts of the Prairies providing support.
Ideas that trade tensions between the United States and China had led to an increase in Chinese demand for Canadian canola were also supportive, according to traders.
Chicago Board of Trade soybeans and soyoil were up slightly at midday, although canola was outpacing the U.S. markets to the upside.
Statistics Canada and the U.S. Department of Agriculture both release acreage estimates on Friday, and positioning ahead of the reports accounted for some of the activity. Both Canadian canola and U.S. soybean acres are generally expected to be up from earlier estimates.
The Canadian dollar was stronger at midday, which put some pressure on canola and tempered the advances.
About 14,500 canola contracts had traded as of 10:55 CDT.
