By Dave Sims, Commodity News Service Canada
WINNIPEG, June 21 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at midday Thursday, propped up by speculative buying.
Demand for canola remains steady with some traders saying China is kicking the tires on seeds and oil.
Slow farmer selling and recent weakness in the Canadian dollar was supportive.
Volumes were light, which helped exaggerate the gains.
“Spread action is slowing down as traders exit the July contract,” noted a trader and farmer in Winnipeg.
However, losses in the U.S. soy complex undermined prices.
About 8,500 canola contracts had traded as of 10:45 CDT.
Prices in Canadian dollars per metric ton at 10:45 CDT:
