By Dave Sims, Commodity News Service Canada
WINNIPEG, August 2 (CNS) – Canola contracts on the ICE Futures platform were trending slightly higher at midday Thursday, in speculative buying.
Concerns over excess dryness in Western Canada underpinned the futures.
According to one weather expert, the hot weather on the Prairies will likely continue throughout the month.
“At this point it looks like it will be status quo,” said Drew Lerner of World Weather Inc, adding any rain would be light.
On the other side, weakness in the U.S. soy complex dragged on values.
Crush margins were falling and funds were mostly sticking on the sidelines.
Volumes were extremely light.
About 2,500 canola contracts had traded as of 10:48 CDT.
Prices in Canadian dollars per metric ton at 10:48 CDT:
