By Phil Franz-Warkentin, Commodity News Service Canada
June 12, 2014
Winnipeg – ICE Canada canola contracts were stronger Thursday morning, seeing a correction following Wednesday’s declines amid a lack of follow-through selling.
Gains in CBOT soyoil contributed to the firmer tone in canola, according to participants. Advances in Malaysian palm oil and European rapeseed were also supportive. Crude oil was pulling the vegetable oil markets up today amid heightened unrest in Iraq.
While uncertainty over unseeded acres in parts of Western Canada helped underpin the Canadian futures as well, crop conditions remain reasonably favourable for most of what is in the ground. The good crop prospects, together with large old crop supplies still overhanging the market, also tempered the advances.
About 900 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:46 CDT:
