By Phil Franz-Warkentin, Commodity News Service Canada
July 17, 2013
Winnipeg – ICE Canada canola contracts were bouncing around both sides of unchanged Wednesday morning in very choppy activity.
Canola posted good short-covering related advances overnight, but the market had given up most of the gains by Wednesday morning, as losses in the CBOT soy complex spilled over to weigh on values.
Relatively favourable growing conditions for canola crops across western Canada were weighing on values as well, with the good crop weather also encouraging more farmer selling.
However, there are still enough areas of concern to keep some weather premiums in the futures, which provided some support. The bulk of the canola crop is currently going through its flowering stage of development and traders will be following the weather reports closely for some direction.
About 2,500 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Wednesday morning.
Prices in Canadian dollars per metric ton at 8:48 CDT:
