By Phil Franz-Warkentin, Commodity News Service Canada
July 22, 2014
Winnipeg – ICE Canada canola contracts were posting small gains Tuesday morning as the market showed some consolidation after Monday’s sharp declines.
Canola settled just above contract lows on Monday and was bouncing around both sides of unchanged Tuesday morning in largely directionless activity. Gains in the CBOT soy complex did provide some underlying support for canola, keeping the early bias higher.
Ongoing uncertainty over the size and quality of the Canadian canola crop remained supportive as well, as traders continue to try and get a handle on the extent of the damage caused by excess moisture in some parts of the Prairies and dryness in others.
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However, conditions are said to be improving, while good weather for the US soybean crop remained a bearish influence overhanging the oilseeds in general, according to participants. The overall technical trend is also pointing lower for canola, with any attempts at correcting higher seen as a good selling opportunity by speculators.
About 4,000 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:49 CDT:
