By Terryn Shiells, Commodity News Service Canada
July 22, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were narrowly mixed at 10:44 CDT Monday, amid light and choppy activity.
Canola values were underpinned by some spillover support from the gains seen in Chicago soybeans.
Ideas that recent declines were overdone and the market needed a correction to the upside also provided some support for canola, participants noted.
A pickup in commercial buying and the need to keep a weather premium built into the market were also bullish.
On the other side, a lack of threatening weather across most of western Canada put some downward pressure on values.
The upswing in the value of the Canadian dollar was bearish, as it made canola more expensive to foreign buyers.
Some of the selling seen in Chicago soyoil also spilled over into canola, which further weighed on the market.
As of 10:44 CDT, about 9,250 canola contracts had traded. Spreading accounted for about 1,875 of the trades made.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:44 CDT:
