By Jade Markus, Commodity News Service Canada
WINNIPEG, July 11 – ICE Canada canola contracts moved higher on Monday, gathering strength from a number of bullish factors.
The Chicago Board of Trade soy complex was higher at midday, which caused spillover support to canola.
A weaker Canadian dollar added to the advances.
“We’re sort of in line with where we should be, based on the oil, the meal, and the Canadian dollar,” said one Winnipeg-based trader.
He added that funds are still leaning to the short side, and liquidation is taking place in the US, which could cause canola to decline later in the day.
“Weather wise I think it’s pretty hard to see anything too bearish,” he said.
Farmers are still assessing the effects of weekend rains in parts of Manitoba and Saskatchewan, as some areas saw heavy thunderstorms and flash flooding.
Volumes were light throughout the day on Monday.
About 6,608 contracts had traded as of 10:29 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
