By Dave Sims, Commodity News Service Canada
WINNIPEG, July 17 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at midday Tuesday, taking strength from gains in the U.S. soy complex and weakness in the Canadian dollar.
Recent hot weather has dried out some regions of the Western Prairies, which was supportive for the market. Crops are generally progressing well but some rain will be needed soon.
Short-covering was a feature according to a trader in Winnipeg.
Demand for canola remains steady.
However, large funds continue to add to short positions, which was bearish.
About 6,600 canola contracts had traded as of 10:35 CDT.
Prices in Canadian dollars per metric ton at 10:35 CDT:
