By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 25 – Canola contracts on the ICE Futures Canada platform were stronger at midday Thursday, continuing their rally of the past week as persistent weather concerns in Western Canada and advances in CBOT soybeans provided support.
Forecasts calling for hot temperatures and little chance of moisture in the dry areas of Alberta and Saskatchewan over the next week accounted for much of the buying interest in canola. However, excessive moisture is starting to cause problems in Manitoba, and the heat will be welcomed there, said an analyst.
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A stronger tone in the Canadian dollar did serve to temper the upside potential in canola. Ideas that the market was starting to look overpriced compared to other oilseeds also tempered the advances, according to participants.
About 12,000 canola contracts had traded as of 10:56 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:56 CDT:
