By Terryn Shiells, Commodity News Service Canada
Winnipeg, July 14 – Canola contracts on the ICE Futures Canada platform were firmer Monday morning, seeing a recovery following Friday’s sharp declines, analysts said.
Some spillover support also came from the advances seen in Chicago soybean futures.
Ongoing concerns about flooding causing crop damage in eastern Saskatchewan and western Manitoba also underpinned the market.
Further support came from slow farmer selling and the downswing in the value of the Canadian dollar.
However, spillover pressure from the losses in Chicago soyoil, Malaysian palm oil and European rapeseed futures limited the upside.
Good conditions for the US soybean crop and talk that the technical bias is pointed lower for canola were also bearish.
As of 8:52 CDT Monday, about 1,150 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 8:52 CDT:
