By Dave Sims, Commodity News Service Canada
WINNIPEG, July 12 – Canola contracts on the ICE Futures Canada platform were bouncing around unchanged Tuesday morning, taking support from higher prices for US soy amid bearish currency issues.
Gains in Malaysian palm oil and crude oil were also supportive for the market.
Excess moisture in some parts of Western Canada is becoming a problem for a few crops, which pushed prices higher.
End-users will likely be bargain hunting today, according to a report.
However, the Canadian dollar was stronger relative to its US counterpart, which made canola less desirable to out-of-country buyers.
The bias lies to the downside, according to a report.
About 3,400 canola contracts had traded as of 9:00 CDT.
Milling wheat and durum were untraded while 25 barley contracts changed hands.
Prices in Canadian dollars per metric ton at 9:00 CDT:
Price Change
Canola Nov 470.90 up 0.40
Jan 477.10 unch
Mar 482.20 dn 0.30
Milling Wheat Oct 210.00 unch
Dec 214.00 unch
Durum Oct 275.00 unch
Dec 278.00 unch
Barley Oct 158.50 dn 1.50
Dec 160.00 unch
