By Dave Sims, Commodity News Service Canada
WINNIPEG, June 30 – Canola contracts on the ICE Futures Canada platform were mostly higher Monday morning, with the July contract staying below unchanged.
Canola was stronger in overnight trading, largely supported by rainy weather in Western Canada over the weekend. At least 40 communities in Manitoba and Saskatchewan had declared states of emergency due to flooding as of Sunday night, according to reports.
One analyst pegged Prairie production losses, either due to unseeded acres or swamped fields, at 14 to 16 percent of total production potential.
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The Canadian dollar is down slightly against its US counterpart this morning.
The USDA acreage report is holding up some of the action today, but analysts say the mostly likely direction for values is to the upside.
The report is due to be released at 11:00 CST, however soybeans react, canola will likely follow.
The soy complex is mixed with only soymeal making gains thus far.
About 4,400 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:
