By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, August 17 – ICE Canada canola contracts were mostly higher Monday morning in quiet trade, as the market started the week seeing some consolidation following the sharp losses posted the previous week.
Ideas that the recent declines were overdone provided some underlying support for canola, according to participants. Gains in CBOT soybeans, a softer Canadian dollar, and expectations for a smaller canola crop this year also helped underpin the futures.
Statistics Canada releases its first survey-based production estimates of the year on Friday, August 21, and positioning ahead of the report is expected to be a feature in the days ahead.
However, the improving US soybean crop prospects remain a bearish influence in the background. Early Canadian harvest pressure was also said to be overhanging the canola market.
About 3,000 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:53 CDT:
