By Phil Franz-Warkentin, Commodity News Service Canada
July 8, 2013
Winnipeg – ICE Canada canola contracts were posting gains in most months Monday morning after trading to both sides of unchanged in overnight activity.
Advances in CBOT soybeans provided the catalyst for the move higher in canola, according to participants. Continued weakness in the Canadian dollar, tight old crop supplies, and uncertainty over new crop production were also supportive.
While canola crops across western Canada are in good shape for the most part, there are still enough areas of concern to underpin the market, said traders. Excessive moisture continues to cause problems in some areas, while heat stress was also starting to be noticed in some fields.
A softer tone in CBOT soyoil put some pressure on canola values, limiting the upside potential. Steady farmer selling was also said to be coming forward to weigh on prices.
About 2,100 canola contracts had traded as of 8:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:45 CDT:
