By Terryn Shiells, Commodity News Service Canada
WINNIPEG, June 30 – Canola contracts on the ICE Futures Canada platform were mostly firmer at 10:25 CDT Monday, ahead of the release of the USDA’s latest stocks and acreage report. The report will be released at 11:00 CDT, and however soybeans react, canola will likely follow, analysts said.
Firmness in Chicago soybean futures also helped to underpin canola futures, as did steady demand and slow farmer selling.
Much of the strength seen in canola was linked to worries about wet weather over the weekend flooding out some fields in southwest Manitoba and southeast Saskatchewan. One broker estimated that 12 to 15 per cent of total Prairie production has been lost to unseeded and flooded acres because of excess moisture this spring.
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However, spillover from the weakness in Chicago soyoil futures helped to limit the advances, as did reports of good conditions for the US soybean crop.
As of 10:25 CDT Monday, about 8,650 contracts had traded.
Milling wheat, barley and durum were untraded following slight price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 10:25 CDT:
