By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 28 – Canola contracts on the ICE Futures Canada platform were stronger at 10:46 CDT Monday, following the gains seen in Chicago soybean and soyoil futures, analysts said.
Some spillover support also came from the gains seen in Malaysian palm oil and European rapeseed futures overnight.
The need to keep a weather premium built into prices, steady commercial demand and recent weakness in the Canadian dollar were also bullish.
Slow farmer selling, as they wait to be more confident in their new crop, further underpinned prices.
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However, forecasts calling for improving weather across Western Canada this week helped to limit the advances, as did continued expectations of a large 2014/15 US soybean crop.
Traders were also wary of pushing prices too high as they wait for fresh news about the state of the western Canadian canola crop, brokers added. CWB is conducting a tour of Prairie crops this week, with conclusive results expected on Thursday.
As of 10:46 CDT Monday, about 6,450 contracts had traded.
Milling wheat, barley and durum futures were untraded after the Exchange adjusted wheat values following Friday’s close.
Prices in Canadian dollars per metric ton at 10:46 CDT:
