By Dave Sims, Commodity News Service Canada
WINNIPEG, September 8 – Canola contracts on the ICE Futures Canada platform were slightly higher Thursday morning, following gains in the US soy complex.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to domestic crushers and international buyers.
Global demand for oilseeds remains robust.
Advances in crude oil were supportive for canola.
However, the market is facing some uncertainty following the release of yesterday’s (Tuesday) Statistics Canada Canadian Grain Stocks report. The agency adjusted last year’s production to a higher number, which has raised ideas this year’s total could also be larger.
Losses in Malaysian palm oil were also bearish along with seasonal harvest pressure.
About 4,700 canola contracts had traded as of 9:00 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:00 CDT:
