By Terryn Shiells, Commodity News Service Canada
WINNIPEG, June 23 – Canola contracts on the ICE Futures Canada platform were firmer at 10:39 CDT Monday, seeing some spillover support from the advances seen in Chicago soyoil futures, analysts said.
Worries about wetness causing some western Canadian acres of canola to be lost this spring also helped to underpin the market.
Steady commercial demand, as canola remains undervalued compared to competing oilseeds, was also supportive.
Slow farmer selling and expectations that Canadian canola ending stocks for 2013/14 (Aug/Jul) will be lower than first anticipated were also bullish.
However, some spillover pressure from the losses seen in Chicago soybean futures helped to limit the advances.
The upswing in the value of the Canadian dollar was also bearish, as it made canola less attractive to crushers and exporters.
As of 10:39 CDT Monday, about 5,940 contracts had traded.
Milling wheat, barley and durum were untraded following prices revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 10:39 CDT:
