By Phil Franz-Warkentin, Commodity News Service Canada
June 3, 2015
WINNIPEG – Canola contracts on the ICE Futures Canada platform were up at midday Wednesday, as gains in CBOT soyoil, a weaker Canadian dollar, and supportive technical signals all underpinned the futures.
Canola initially dropped lower in overnight trade, but has since climbed back to post solid gains, having traded in a C$25 per tonne range in the July contract.
Concerns over yield and acreage reductions to this year’s Canadian crop, following recent adverse weather, remained a supportive feature for canola as farmers are busy reseeding some fields, according to participants.
Upside chart resistance did limit the advances to some extent, as canola held below the session highs hit on Tuesday. Farmer selling was also said to be coming forward on any advances, according to participants.
About 24,000 canola contracts had traded as of 10:52 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:52 CDT:
