By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 8 – The ICE Futures Canada canola market was holding relatively steady amid choppy activity Monday morning.
Weakness in Chicago soyoil and Malaysian palm oil futures in early and overnight activity weighed on values.
Strength in the Canadian currency and talk that the Canadian canola crop could still be large if weather conditions start to improve soon were also bearish.
On the other side, strength seen in Chicago soybean futures helped to underpin the futures, as did the market’s bullish technical bias, analysts said.
Ongoing uncertainty surrounding the size of the 2015/16 Canadian canola crop, due to unfavourable weather conditions in many parts of Western Canada, also continued to support values.
As of 8:43 CDT Monday, about 4,850 contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:43 CDT:
