By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 28 – ICE Futures Canada canola contracts were slightly higher at 8:42 CDT Monday, following the advances seen in the Chicago soybean complex.
Further spillover support came from the advances seen in Malaysian palm oil and European rapeseed futures overnight, analysts said.
Recent weakness in the value of the Canadian dollar, slow farmer selling and continued worries about production problems in Western Canada were also bullish.
However, a bearish technical bias and ongoing expectations of a record large 2014/15 US soybean crop limited the upside.
Forecasts calling for improving weather conditions across Western Canada this week also weighed on canola futures.
About 1,850 canola contracts had traded as of 8:42 CDT Monday.
Milling wheat, durum and barley futures were untraded following price revisions after Friday’s close.
Prices in Canadian dollars per metric ton at 8:42 CDT:
