By Dave Sims, Commodity News Service Canada
WINNIPEG, June 16 – Canola contracts on the ICE Futures Canada platform were mostly lower Monday morning following soyoil in light trade.
The technical bias is neutral this morning, following the rally on Friday, an analyst said. While some traders felt follow through buying could build on itself, there were also ideas that Friday’s gains were overdone, which left canola open to a correction.
The tight soybeans supply in the US is losing its bullish influence over oilseeds as investors concentrate on this year’s crop prospects, according to participants.
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Wet weather in Western Canada is preventing farmers from seeding certain areas, leaving open the question of how many acres may be lost this year, however the crop is said to be off to a good start so far.
Unrest in Iraq continues to lend spillover support to other markets. Palm oil, European rapeseed and crude oil are all higher.
There is speculation that Canadian canola ending stocks are
maybe less prevalent than initially thought.
About 550 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
