By Dave Sims, Commodity News Service Canada
WINNIPEG, June 27 – Canola contracts on the ICE Futures Canada platform were higher Monday morning, tracking advances in the US soy complex.
There are ideas the market is oversold, according to a report.
Gains in European rapeseed futures contributed to the upside.
The Canadian dollar is still relatively low, compared to its US counterpart, in the wake of Friday’s losses.
However, Britain’s decision to exit the European Union has pressured global financial markets which is weighing on canola.
Weakness in Malaysian palm oil and crude oil were bearish for prices.
Canada’s canola crop is off to a good start, which limited the gains.
About 5,700 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Jul 471.40 up 7.20
Nov 484.40 up 7.20
Jan 490.60 up 8.00
Milling Wheat Jul 226.00 unch
Oct 222.00 unch
Durum Jul 300.00 unch
Oct 294.00 unch
Barley Jul 171.50 unch
Oct 171.50 unch
