By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 16 – ICE Canada canola contracts were higher Tuesday morning, seeing a corrective bounce after Monday’s losses.
Weather concerns remain the primary driver in the canola market, with many areas of Western Canada still looking dry with only limited rainfall in the forecasts.
Gains in CBOT soybeans and soyoil provided some spillover support for canola. Malaysian palm oil was also up in overnight activity.
However, the nearby technical bias has shifted lower for canola, which limited the upside potential. The generally favourable conditions for the US soybean crop were also said to be overhanging the market.
About 4,500 canola contracts had traded as of 8:56 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:56 CDT:
Price Change
Canola Jul 483.80 up 1.10
Nov 481.50 up 1.60
Jan 478.60 up 1.70
Milling Wheat Jul 209.00 unch
Oct 214.00 unch
Durum Jul 298.00 unch
Oct 298.00 unch
Barley Jul 205.00 unch
Oct 200.00 unch
