By Dave Sims, Commodity News Service Canada
WINNIPEG, July 6 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at midday Friday, tracking gains in the U.S. soy complex.
Hot temperatures are expected across much of the Prairies over the weekend, which should stress dried-out fields even more.
Some traders were engaging in short-covering.
The drop that many traders feared would be coming today as a result of the Chinese tariffs on U.S. soybeans didn’t materialize, as much of the sentiment was already baked into the market.
However, the Canadian dollar was stronger relative to its U.S. counterpart, which limited the gains.
About 6,200 canola contracts had traded as of 10:35 CDT.
Prices in Canadian dollars per metric ton at 10:35 CDT:
