By Phil Franz-Warkentin, Commodity News Service Canada
July 16, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT Wednesday, as there was enough uncertainty over crop conditions across the Prairies to provide some support.
Excessive moisture in some parts of Western Canada and dryness in others has led to concerns that the crop won’t live up to earlier expectations, according to participants. That production uncertainty accounted for some light end user pricing, while farmers on the other side remained reluctant sellers.
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Gains in CBOT soybeans and a weaker tone in the Canadian dollar were also somewhat supportive, said traders.
However, the general technical outlook has turned bearish, and canola was well off its session highs as speculative sellers were said to be coming forward on any advances.
Softness in soyoil and expectations for a large US soybean crop also put some pressure on values, limiting the advances.
About 5,500 canola contracts had traded as of 10:45 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged, although there were some bids and offers in barley.
Prices in Canadian dollars per metric ton at 10:45 CDT:
