By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 8 – Canola contracts on the ICE Futures Canada platform were holding steady at 10:47 CDT Tuesday, as traders were being cautious due to uncertainty surrounding how much damage has been done to crops by recent flooding in Western Canada.
The full extent of the damage won’t be known until the flooded areas in western Manitoba and eastern Saskatchewan get a good seven to 10 days of warmer weather, brokers said.
Steady commercial buying interest, paired with slow farmer selling into the Prairie cash market, helped to underpin canola values.
On the other side, some spillover pressure came from the losses seen in Chicago soybean and soyoil futures.
Canola has also lost its relative “cheapness” compared to competing oilseeds, which may cause demand to fade a little bit, according to a trader.
As of 10:47 CDT Tuesday, about 8,150 contracts had traded.
Milling wheat, barley and durum were untraded following slight price revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 10:47 CDT:
