By Phil Franz-Warkentin, Commodity News Service Canada
June 9, 2014
Winnipeg – ICE Canada canola contracts were slightly weaker Monday morning in relatively quiet trade.
Favourable crop conditions across most of Western Canada remained a bearish influence overhanging the market to start the week, although traders said there were also still enough areas of concern to provide some support for the new crop months.
The large old crop supplies still overhanging the market, the firmer Canadian dollar, and bearish technical signals weighed on values as well, according to participants.
On the other side, gains in CBOT soyoil and Malaysian palm oil did provide some spillover support for canola. Cool overnight temperatures in some parts of the Prairies and reports of flooding in others kept some caution in the market as well.
About 1,400 canola contracts had traded as of 8:54 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:54 CDT:
