By Terryn Shiells, Commodity News Service Canada
July 24, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mostly firmer Wednesday morning, seeing some recovery following Tuesday’s losses, analysts said.
Ideas that the declines seen on Tuesday were overdone and the market needed an upward correction fuelled some of the advances.
Continued concerns about the tight Canadian canola supply situation also helped values move to higher ground, as did some bargain hunting at the lows.
A slowdown in farmer selling, as they’re waiting for prices to move higher, also generated some of the upward price action. The need to keep a weather premium built into the market also provided support.
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However, reports that weather conditions have been generally favourable for crop development in western Canada limited the gains.
Spill over pressure from the losses seen in CBOT soyoil and Malaysian palm oil futures was also bearish.
As of 8:38 CDT, about 1,020 canola contracts had traded.
Barley futures were untraded and unchanged. Milling wheat and durum futures were also untraded, though the Exchange moved prices lower after the close on Tuesday.
Prices in Canadian dollars per metric ton at 8:38 CDT:
