By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 17 – The ICE Futures Canada canola market was stronger at midday Wednesday, as ongoing weather worries in Western Canada were supportive, analysts said.
Due to recent drought and frost, Canadian canola production is likely to be down from earlier estimates. While light rain is in the forecast from some of the drought-stricken regions of the Prairies, heavier precipitation is needed to fully relieve fields.
Strength in the Chicago soybean market and worries about wet weather causing some acres of US soybeans to go unseeded this spring added to the bullish tone.
Follow-through buying on Tuesday’s rally was also supportive. Though, the recent gains may be seen as a good selling opportunity.
Large global oilseed supplies and spillover pressure from the weakness in Chicago soyoil futures were also limiting the advances.
As of 10:44 CDT Wednesday, about 20,900 contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:44 CDT:
