By Terryn Shiells, Commodity News Service Canada
August 19, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger Monday morning, following the gains seen in Chicago soybeans, analysts said.
Concerns about dry weather harming soybean crops in the US this week were helping to underpin both soybeans and canola.
Spill over support also came from the advances seen in other oilseed markets, including Malaysian palm oil, European rapeseed and Chicago soyoil.
Worries that the Canadian canola crop is at risk of early frost damage because it’s behind the average stage of development added to the bullish tone.
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However, speculation that the Canadian canola crop will produce 16 million tonnes this year if it doesn’t run into any weather problems was bearish.
The lack of interest in pushing prices too high ahead of Wednesday’s Statistics Canada production report helped to limit the gains.
As of 8:37 CDT, about 1,410 canola contracts had traded.
Barley and durum futures were untraded and unchanged. Milling wheat futures were also untraded, though the Exchange moved prices slightly lower after the close on Friday.
Prices in Canadian dollars per metric ton at 8:37 CDT:
