By Phil Franz-Warkentin, Commodity News Service Canada
Feb. 4, 2013
Winnipeg – ICE Canada canola futures were stronger Monday morning, with weather concerns in South America and the resulting gains in the CBOT soy complex behind some of the spill-over buying interest.
After weekend moisture failed to live up to expectations, weather forecasts look hot and dry for much of the soybean growing regions of Argentina over the next week. That dryness was helping take the oilseed markets higher to start the week, including canola.
Ongoing concerns over Canada’s tightening canola supplies also continue to provide underlying support for the market, with exporters and domestic crushers looking to secure stocks, according to participants.
The charts also remain pointed higher, although canola was running into some minor profit-taking resistance to the upside.
Increased farmer selling was also said to be slowing the advances in canola.
About 700 canola contracts had traded as of 8:54 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged Friday morning.
Prices in Canadian dollars per metric ton at 8:54 CST:
