By Phil Franz-Warkentin, Commodity News Service Canada
June 10, 2014
Winnipeg – ICE Canada canola contracts were posting small losses Tuesday morning in relatively quiet trade.
After posting gains in most months at Monday’s close, a lack of follow-through buying interest contributed to the softer tone seen Tuesday morning, according to participants.
Excessive moisture in parts of eastern Saskatchewan and western Manitoba has created concerns over unseeded acres in the region, which was somewhat supportive for prices. However, the majority of the canola crop is now in the ground across Western Canada and is said to be benefiting from favourable conditions.
Losses in CBOT soyoil were also bearish for canola, although many other outside oilseed markets were mixed.
Scale-down end user demand, a lack of significant farmer selling, and supportive technical signals helped limit the declines.
About 1,100 canola contracts had traded as of 8:57 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged after seeing some price revisions following Monday’s close.
Prices in Canadian dollars per metric ton at 8:57 CDT:
