ICE Canola Sees Modest Correction
By Phil Franz-Warkentin, Commodity News Service Canada
July 14, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at 10:49 CDT Monday, seeing a modest correction following Friday’s sharp losses.
Canola posted large losses on Friday in sympathy with the US soy complex, as the two oilseeds reacted to the latest USDA supply/demand data. While soyoil was still under pressure today, soybeans were up slightly which underpinned canola as well, according to traders.
Ongoing uncertainty over the extent of the damage caused by excess moisture and flooding in parts of Manitoba and Saskatchewan remained supportive for canola as well, said a broker. In addition, he said some parts of Alberta were on the dry side, and could use some precipitation soon.
Canola remains bearish from a technical standpoint, which limited the upside potential, according to participants.
About 4,000 canola contracts had traded as of 10:49 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:49 CDT:
