By Dave Sims, Commodity News Service Canada
WINNIPEG, September 15 – Canola contracts on the ICE Futures Canada platform were correcting higher at 10:37 CDT on Thursday, taking strength from advances in the US soy complex.
European rapeseed futures and crude oil were also stronger which added to the gains.
Cool and wet conditions across much of Western Canada have thrown a weather premium into the market.
Canola appears locked into a sideways trading range, according to an analyst.
Global demand for oilseeds helped to underpin the market.
However, strength in the Canadian dollar was bearish for the market, as the higher dollar, relative to its US counterpart, made canola less attractive on the international market.
Uncertainty over what plans China may have for imports of Canadian canola weighed on prices.
Harvest pressure was a feature while light volumes may have exaggerated the gains.
About 4,700 canola contracts had traded as of 10:37 CDT.
Milling wheat and durum were untraded while 50 barley contracts changed hands.
Prices in Canadian dollars per metric ton at 10:37 CDT:
