ICE Canola Higher With US Soy
By Dave Sims, Commodity News Service Canada
WINNIPEG, June 22 – ICE Canada canola contracts were higher Monday morning, taking strength from the US soy complex, and building on Friday’s rally.
While some rain fell over the weekend, more forecasts are calling for dry weather across the Western Prairies this week which supported prices.
Contracts were finding support at the psychologically important C$500 per tonne level. The bias has shifted to the upside.
However, weakness in Malaysian palm oil and European rapeseed futures helped to limit the gains.
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The Canadian dollar was higher relative to its US counterpart which made canola less attractive on the international marketplace.
Canola is looking expensive right now compared to other vegetable oils on the market, an analyst said.
The US soy crop is still expected to be massive despite recent speculation some acres might not get planted.
About 5,000 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jul 512.10 up 8.40
Nov 509.90 up 7.20
Jan 506.30 up 7.70
Milling Wheat Jul 209.00 unch
Oct 214.00 unch
Durum Jul 298.00 unch
Oct 298.00 unch
Barley Jul 207.00 unch
Oct 202.00 unch
