By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 16 – The ICE Futures Canada canola market was firmer at midday Tuesday, following the gains seen in Chicago soybean and soyoil futures, analysts said.
Ongoing worries about unfavourable crop conditions in Western Canada were also supportive. Recent rains in the western Prairies helped improve production prospects a little bit, but wider spread, heavier precipitation is still needed. Forecasts for this week do show rain for Alberta and Saskatchewan, but it’s just ‘showery’, nothing big or widespread, a broker added.
A slightly softer Canadian currency and strength in Malaysian palm oil futures were also underpinning values.
However, ideas that the canola market’s technical bias is now pointing lower limited the advances.
The large global oilseed supply situation and generally good conditions for the US soybean crop were also bearish.
As of 10:41 CDT Tuesday, about 15,200 contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CDT:
