By Phil Franz-Warkentin, Commodity News Service Canada
June 13, 2014
Winnipeg – ICE Canada canola contracts were stronger Friday morning, as gains in most outside oilseed markets provided spillover support and helped the Canadian futures see a chart-based bounce ahead of the weekend.
After hitting its weakest levels in over four months on Thursday, the canola market was looking oversold and due for a correction, according to participants.
The CBOT soy complex, Malaysian palm oil, and European rapeseed futures were all higher in overnight activity.
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, did temper the advances.
About 1,300 canola contracts had traded as of 8:44 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:44 CDT:
