|By Terryn Shiells, Commodity News Service Canada|
|July 30, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were trading at higher price levels at 10:32 CDT Monday, as spillover support from the CBOT soybean complex helped move values to the upside, analysts said.
Forecasts suggesting that the hot, dry weather across the US Midwest will continue throughout August were responsible for most of the upward price climb seen in CBOT soybeans.
Advances seen in Malaysian palm oil and European rapeseed futures during overnight trade also added to the bullish price sentiment.
The market continued to consolidate after seeing significant losses late last week. Support for canola futures was pegged at C$600 per tonne, and resistance at C$630 per tonne by one Canadian broker.
However, the lack of fresh export demand limited the advances.
Generally good conditions for the development of canola in western Canada, and the commencement of harvest in Manitoba also tempered the gains, traders said.
The firmer Canadian dollar and increased farmer selling of old and new crop as cash prices are strong kept canola from fully following the gains in the CBOT soybean complex, traders said.
Durum, barley and milling wheat were untraded and unchanged.
|Nov||615.20||up 7.30 Jan 617.40 up 7.20 Mar 618.50 up 6.50 Milling Wheat Oct 327.50 unch Dec 335.00 unch Durum Oct 330.40 unch Dec 334.90 unch Barley Oct 264.50 unch Dec 269.50 unch|
Futures Prices as of June 19, 2013
Prices are in Canadian dollars per metric ton