|By Phil Franz-Warkentin, Commodity News Service Canada|
|July 30, 2012|
|Winnipeg – ICE Canada canola futures were stronger Monday morning, as renewed concerns over dry US weather conditions boosted the North American markets.
A return of hot and dry conditions across much of the US Midwest, after disappointing rainfall over the weekend, sent CBOT soybeans and corn higher in overnight activity. While Canadian crop conditions remain relatively favourable aside from a few trouble spots, the turn higher in soybeans was enough to pull canola up as well, said market participants.Strength in Malaysian palm oil and European rapeseed futures provided further support for canola.
Farmer selling and technical resistance limited the advances in canola, according to traders. In addition, canola oil is said to be looking overpriced compared to other vegetable oils which caused the Canadian futures to lag to the upside.
The Canadian dollar was slightly softer Monday morning, providing little direction for the canola market.
About 2,000 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged Monday morning.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Nov 615.20 up 7.40
Jan 617.20 up 7.00
Mar 618.30 up 6.30
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 May 23, 2013
Prices are in Canadian dollars per metric ton