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By Terryn Shiells, Commodity News Service Canada
July 10, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were mostly stronger at 10:59 CDT Wednesday amid quiet activity.
Much of the strength was linked to the commodity following the gains seen in Chicago soybeans, analysts said.
Traders were said to be building a weather premium into the Chicago soybean market amid concerns about hot and dry conditions causing damage.
Buyers were also said to be investing in new crop futures because the price is much more attractive than old crop contracts.
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Advances seen in European rapeseed futures overnight provided further support, as did continued concerns about the tight supply situation.
Some concerns about weather harming crops in western Canada, as some areas are too hot and dry, while others are too wet, added to the bullish tone.
However, the gains in canola were limited by spill over pressure from the losses seen in Chicago soyoil.
Ideas that the North American oilseed crop is generally off to a good start also helped to limit the upside potential in canola.
As of 10:59 CDT, about 7,265 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:59 CDT:
