By Phil Franz-Warkentin, Commodity News Service Canada
July 3, 2013
Winnipeg – ICE Futures Canada canola contracts moved higher on Wednesday, finding some spillover support from the advances posted in CBOT soybeans and soyoil.
Overnight gains in Malaysian palm oil and European rapeseed futures, along with the firmer tone in crude oil internationally, added to the firmer tone, according to participants.
Tight old crop supplies and uncertainty over new crop production provided further support. While forecasts generally look favourable for crop development across most of western Canada, there are still enough areas of concern to keep some weather premiums in the futures, said an analyst.
Activity was relatively thin and choppy, with the US markets closing early ahead of the Independence Day holiday. US markets will remain closed on July 4, while ICE Futures Canada will trade its normal hours.
About 6,896 canola contracts were traded on Wednesday, which compares with Tuesday when 11,117 contracts changed hands.
Milling wheat, durum and barley futures were untraded and unchanged on Wednesday.
Settlement prices are in Canadian dollars per metric ton.
