By Terryn Shiells, Commodity News Service Canada
June 3, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger Monday morning, lifted by spillover support from the gains seen in the Chicago soybean complex, analysts said.
Worries that excessive moisture in North American growing regions will cause some soybean and canola acres to go unplanted added to the bullish tone.
The downswing in the value of the Canadian dollar and continued concerns about the tight Canadian canola supply situation fuelled some of the advances as well.
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Positive economic news out of China also sparked some of the buying that took canola values to the plus side of the market.
However, strong competition from South America, as their large oilseed crop is flooding the market, limited the gains.
Reports that good planting progress has been made in western Canada recently, and that the canola crop is off to a good start, also slowed the advances.
As of 8:35 CDT, about 1,170 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:35 CDT:
