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| June 14, 2010 |
| WINNIPEG, MB (RNI) – Canola futures were trading in large volumes as Monday’s trading session hit midday. Much of the upward price action was associated with ongoing concerns about the wet soil moisture conditions across western Canada and the impact on canola acreage as well as growth, market watchers said.
Demand was coming from the uncertainty behind the unseeded acreage of canola due to excessive moisture and delayed progress in Canada’s grainbelt. Gains in CBOT soybeans and soyoil futures also provided some spillover support for canola prices. Carryover buying from Friday’s higher close helped to stimulate some early buying interest in canola. Steady domestic crusher demand and continued commodity fund demand helped to fuel the upside in canola. The slow pace of farmer deliveries into the cash pipeline also provided a firm floor for canola futures. A good portion of the volume seen in canola consisted of spreading between July and August contracts, brokers said. Although the Canadian dollar hit its highest value in the month of June, market watchers said it was not a factor in the canola market. "Generally when we see a big move in the Canadian dollar higher like this it’s bearish but that hasn’t been the case the last few days," said a market participant. There were an estimated 14,646 canola contracts traded at 10:45 am CDT. There was no western barley futures traded as of 10:45 am CDT. Western barley futures were untraded and unchanged. Prices in Canadian dollars per metric ton at 10:45 am CDT: |
| Price | Change | ||
| Canola | |||
| Jul | 401.90 | up 6.50 | |
| Nov | 407.00 | up 6.50 | |
| Jan | 410.90 | up 6.00 | |
| Western Barley | |||
| Jul | 147.50 | unch | |
| Oct | 145.50 | unch | |
