By Jade Markus, Commodity News Service Canada
WINNIPEG, July 10 – ICE Canada canola contracts were propped
up by concerns about how adverse weather will affect production in
Western Canada at midday on Monday.
“We’ve definitely lost some bushels with the recent heat,” said
one Winnipeg-based trader.
He added that fields in southwest and southcentral Saskatchewan
have seen dryness, “and some guys are thinking they’re toast.”
He added that spec buying and short covering in front contracts
were also supportive features.
The Chicago Board of Trade soy complex was sharply higher on
Monday, underpinned by reports of drought in areas of the US, which
was supportive for canola.
A weaker Canadian dollar added to the market’s strength, as a
lower loonie makes canola more affordable for international buyers.
However, the trader said scale-up commercial selling is
limiting the market’s strength.
About 12,491 contracts had traded as of 10:48 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:48 a.m. CDT:
