By Phil Franz-Warkentin, Commodity News Service Canada
June 16, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:53 CDT Monday, as production uncertainty in parts of Western Canada provided support.
After trading to both sides of unchanged in overnight activity, canola was outpacing the mixed US soy complex to the upside on Monday.
Follow-through speculative buying interest after Friday’s rally, with some fund traders possibly buying canola and selling beans, provided some support, according to a trader.
Heavy rains in Manitoba over the weekend were leading to concerns over excess moisture, with some areas likely remaining unseeded in the province. However, crop conditions are said to relatively favourable across the majority of Western Canada.
The unstable situation in Iraq was also being watched by the commodity markets, with movements in crude oil and the currency markets having the potential to provide direction for canola.
About 7,800 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:53 CDT:
