By Dave Sims, Commodity News Service Canada
WINNIPEG, July 8 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT on Friday, taking strength from gains in US soy and ideas the market was oversold.
“We had some pretty extreme moves yesterday in just about everything so you can’t keep markets down that steep for very long,” said a trader in Winnipeg.
The Canadian dollar was weaker relative to its US counterpart, which made canola more attractive to out-of-country buyers.
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Commercials were stepping up for purchases as a result of the dip in prices, said the trader.
However, losses in Malaysian palm oil and European rapeseed futures limited the gains.
This year’s canola crop looks good so far and there is growing speculation that the US soybean crop could be very large, the trader added.
About 14,000 canola contracts had traded as of 10:45 CDT.
Milling wheat and durum were untraded while 75 barley contracts changed hands.
Prices in Canadian dollars per metric ton at 10:45 CDT:
Price Change
Canola Nov 472.90 up 10.60
Jan 479.70 up 10.60
Mar 484.90 up 9.80
Milling Wheat Oct 209.00 unch
Dec 214.00 unch
Durum Oct 278.00 unch
Dec 281.00 unch
Barley Oct 160.00 dn 6.00
Dec 166.00 unch
>TE
>SE
