By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 17 – ICE Canada canola contracts were higher Wednesday morning, seeing some follow-through buying interest after Tuesday’s rally.
Gains in outside markets, including CBOT soybeans, Malaysian palm oil, European rapeseed, and crude oil all served to underpin the canola market to start the day, according to participants.
Weather concerns also remain a major driver in the canola market, with many areas of Western Canada still looking dry with only limited rainfall in the forecasts.
However, the sharp gains in the past two days could also be seen as a selling opportunity by some participants, which would limit the advances. The nearby July contract touched the psychological C$500 per tonne level at one point in the morning, but ran into resistance and backed away from the highs.
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Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola Jul 499.00 up 8.00
Nov 497.30 up 7.90
Jan 493.30 up 8.10
Milling Wheat Jul 210.00 unch
Oct 215.00 unch
Durum Jul 298.00 unch
Oct 298.00 unch
Barley Jul 210.00 unch
Oct 205.00 unch
