By Glen Hallick, MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at midday Monday for the new crop contracts.
A Winnipeg-based trader said the old crop July contract was swinging back and forth to either side as its liquidation carried on.
He noted that parts of the Prairies received rain over the weekend, while other areas didn’t. More rain is forecast to fall on the region later this week. Dry conditions continued to be a factor in canola prices.
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“Canola has been hanging in very well with rain in the forecast,” the trader commented. “Expect a little wildness in the markets as we go from forecast to forecast.”
Alberta reported on Friday that planting across the province was 89 to 100 per cent planted as of June 1, with canola and several other crops at 99 per cent finished. Alberta has been faring much better than Saskatchewan and Manitoba when it comes dryness.
There was support for canola coming from moderate gains in the Chicago soy complex as well as European rapeseed.
The Canadian dollar was slightly higher with the loonie at 82.84 U.S. cents compared to Friday’s close of 82.75.
Approximately 15,150 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Jul 902.00 dn 2.40
Jan 773.80 up 13.80
Mar 761.20 up 11.60
