By Phil Franz-Warkentin, Commodity News Service Canada
July 7, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were weaker at 10:59 CDT Monday, taking some direction from the losses in CBOT soybeans.
Activity was on the choppy side in the Canadian market, as concerns over lost acres and damage due to excess moisture in parts of Manitoba and Saskatchewan remained supportive, according to a broker. However, fields not hurt by the excess moisture are reported to be in good shape, creating some uncertainty in the market.
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A lack of significant farmer selling, a weaker tone in the Canadian dollar, and improving end user demand were also helping temper the declines in canola, according to participants.
Fund traders are holding large short positions in canola, but were not active participants Monday morning. A trader said the market was looking range-bound from a chart standpoint for the time being, but a move below support could trigger some additional fund selling.
About 11,000 canola contracts had traded as of 10:59 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:58 CDT:
