|By Terryn Shiells, Commodity News Service Canada|
|June 22, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform were stronger at 8:33 CDT Friday, following outside oilseed markets.
Strength in CBOT soybeans, Malaysian palm oil and European rapeseed were also responsible for some of the upward price climb, analysts said.
Concerns about a smaller soybean yield in the US as weather forecasts call for hot, dry weather at a time when the crop is in need of moisture, were also bullish for canola.
Steady domestic crusher demand was also supportive for canola values, industry watchers said.
However, beneficial warm, dry weather across the Canadian prairies that is expected over the weekend tempered the advances, participants said.
Some weakness in CBOT soyoil futures and a stronger Canadian dollar against the US dollar were also seen as limiting the gains in canola.
Much of the trade activity on Friday morning continued to be linked to spreading, as investors roll out of the July contract into November ahead of July becoming a cash delivery month.
At 8:33 CDT, about 1,740 canola contracts had traded.
Barley futures, milling wheat and durum were untraded and unchanged.
|Nov||580.00||up 3.30 Jan 582.60 up 3.10 Mar 584.20 up 2.50 Western Barley Jul 237.00 unch Milling Wheat Oct 252.70 unch Dec 260.00 unch Durum Oct 275.50 unch Dec 280.00 unch Barley Oct 183.00 unch Dec 185.70 unch|
Futures Prices as of June 18, 2013
Prices are in Canadian dollars per metric ton