By Terryn Shiells, Commodity News Service Canada
WINNIPEG, June 25 – Canola contracts on the ICE Futures Canada platform were stronger at 10:41 CDT Wednesday, lifted by worries about unseeded and lost canola acres in Western Canada due to recent excessive moisture in southwest Manitoba and southeast Saskatchewan.
Slow farmer selling, as they want to be more confident in the size of the new crop before selling off old crop supplies, added to the bullish tone.
Further support came from steady commercial demand as canola remains cheap compared to competing oilseeds, analysts said.
However, spillover pressure from the losses seen in Chicago soyoil futures helped to limit the advances.
Some profit taking ahead of Friday’s Statistics Canada acreage report was also limiting the upside potential.
As of 10:41 CDT Wednesday, about 15,150 contracts had traded.
Milling wheat, barley and durum were untraded following prices revisions after Tuesday’s close.
Prices in Canadian dollars per metric ton at 10:41 CDT:
