By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 10 – Canola contracts on the ICE Futures Canada platform were up at midday Friday, taking some direction from the continued strength in the Chicago Board of Trade soy complex.
Soybeans were at fresh contract highs once again Friday morning, boosted in part by persistent production concerns in Argentina, solid demand out of China, and North American weather uncertainty.
However, the USDA releases its monthly supply/demand report at 11:00 CDT, and traders in both the US and Canada were somewhat wary about pushing prices too far one way or the other ahead of the data.
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Relatively favourable crop conditions across most of Western Canada and ideas the recent advances were overdone limited the upside potential in canola with prices running into resistance.
Scale-up farmer hedges were also said to be putting some pressure on values, as the recent strength in the market encouraged sales.
About 9,700 canola contracts had traded as of 10:25 CDT, with the July/November spread a feature of the activity.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
