By Phil Franz-Warkentin, Commodity News Service Canada
June 20, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were mostly lower at 11:04 CDT Friday, with a steady tone in the nearby July contract but losses in the new crop months.
Speculative and commercial buying interest helped underpin the front month, as canola remains attractively priced compared to other oilseeds, according to participants. Ideas that carryover supplies may not end up as large as originally anticipated were also somewhat supportive.
On the other side, North American crops are generally thought to be in good shape, despite a few problem areas, and relatively favourable prospects did weigh on values.
The stronger Canadian dollar, which was up a half cent relative to its US counterpart, was also bearish for canola. The stronger currency cuts into crush margins and also makes exports less attractive.
About 10,000 canola contracts had traded as of 11:04 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 11:04 CDT:
