By Phil Franz-Warkentin, Commodity News Service Canada
June 4, 2015
WINNIPEG – Canola contracts on the ICE Futures Canada platform were up at midday Thursday, with speculative buying behind some of the strength.
While there was no real new fresh fundamental news, a broker said that all of the agricultural markets likely “had a case of the spring jitters.”
With the frost damage still being assessed in parts of the Prairies and dryness continuing to cause germination problems in some regions, he said that concern was likely warranted in canola. However, the good US crop prospects were a bearish influence on the other side.
Recent strength in canola was generating some farmer selling, which tempered the upside as well. However, most growers are reluctant to sell for now, as they wait to get a better sense of the size of their crops.
About 15,500 canola contracts had traded as of 10:48 CDT.
Milling wheat, durum, and barley were all untraded.
Prices in Canadian dollars per metric ton at 10:48 CDT:
