By Dave Sims, Commodity News Service Canada
WINNIPEG, June 12 – Canola contracts on the ICE Futures Canada platform were mixed at 10:40 CDT on Monday.
The nearby July contract was propped up by tightness in canola stocks and dryness problems in parts of Alberta and Saskatchewan.
Demand for global oilseeds remains strong.
Gains in Malaysian palm oil were bullish for canola.
However, many parts of the Prairies saw some rain over the weekend, with more expected in the days to come, which was bearish.
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There are ideas some US farmers may be preparing to swap out acres intended for corn with soybeans, which undermined canola.
“We’re seeing some selling from growers who now have a crop up and running and are willing to do some pricing,” said a trader in Winnipeg.
Better weather is expected in South American soybean-growing areas, which undermined values.
The Canadian dollar is slightly higher relative to its US counterpart, which made canola less attractive to overseas buyers.
About 9,200 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
