By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 24 – Canola contracts on the ICE Futures Canada platform were up at midday Wednesday, testing fresh highs in the process as the early profit-taking dried up like many fields in Western Canada.
The ongoing lack of moisture in parts of Alberta and Saskatchewan, together with forecasts calling for hot and dry weather, remained a major supportive feature in canola, according to participants.
Gains in CBOT soyoil and a weaker Canadian dollar were also supportive for canola.
Speculators were noted buyers, with more room to the upside from a chart standpoint, according to analysts.
However, scale-up farmer selling did temper the advances to some extent.
Ideas that canola is looking overpriced compared to other oilseeds also put some pressure on values.
About 16,000 canola contracts had traded as of 10:56 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:56 CDT:
