By Terryn Shiells, Commodity News Service Canada
September 3, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were sharply higher Tuesday morning, following the strong gains seen in the Chicago soybean complex, analysts said.
Much of the price firmness seen in the Chicago soy complex was linked to concerns about continued hot, dry weather reducing yield potential for US soybean crops.
Canola also found some spillover support from the advances seen in European rapeseed futures overnight.
The need to keep a weather premium built into prices, as there’s still a chance that Canadian canola crops could be damaged by frost, added to the bullish tone.
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However, expectations that the Canadian canola crop will be record large limited the upside, as did a recent pickup in farmer selling into the cash pipeline.
As of 8:40 CDT, 3,585 canola contracts had traded.
Barley futures were untraded and unchanged. Milling wheat and durum futures were also untraded and unchanged following some price revisions by the Exchange after the close on Friday. ICE Futures Canada was closed for Labour Day on Monday.
Prices in Canadian dollars per metric ton at 8:40 CDT:
