By Terryn Shiells, Commodity News Service Canada
Winnipeg, June 15 – The ICE Futures Canada canola market was up slightly amid choppy activity at midday Monday, as speculative fund accounts were on the sidelines, traders said.
Weakness in the Canadian dollar provided some support, as did the need to keep weather premiums in the market, as the growing season in North America is far from over.
Worries that US farmers may not be able to wrap up soybean planting this week, as tropical storms are expected to bring a lot of rain to the US Midwest this week, were also supportive, according to a broker.
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On the other side, some downward pressure came from news that some beneficial rainfall hit the dry regions of Western Canada over the weekend. The amounts of rainfall were sporadic, but provided relief for some growing regions, and more precipitation is in the forecast later this week for Alberta and Saskatchewan.
Some spillover pressure also came from the declines seen in outside oilseeds, including Malaysian palm oil futures and the Chicago soy complex.
As of 10:41 CDT Monday, about 10,900 contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CDT:
