By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 17 – The ICE Futures Canada canola market was firmer at midday Monday, taking some direction from the firmer Chicago soybean complex, analysts said.
Further support came from worries about cool, wet weather slowing canola crop development in Western Canada this week. The weather could also make crops more susceptible to frost damage, as they may not be finished growing before the first frost event.
The downswing in the value of the Canadian dollar was also supportive, as it made canola more attractive to crushers and exporters.
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Slow farmer selling, as they’re busy with the cereal harvest and swathing some canola, added to the bullish tone.
However, the large global oilseed supply situation was overhanging the market.
Talk that the market’s technical bias is pointed lower was also bearish, as was weakness in Malaysian palm oil futures, brokers added.
Activity was on the quiet side on Monday. As of 10:45 CDT, about 4,900 contracts traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
