By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – The ICE Futures canola market was mixed Monday morning, hitting fresh contract highs in the new crop months but posting a small loss in the lightly-traded nearby July contract as the intermonth spreads narrowed in.
While Prairie forecasts look more moderate over the next week, canola fields in the eastern growing regions remain in need of timely rains as recent hot and dry conditions heighted drought concerns.
Key soybean and corn growing areas of the United States Midwest are forecast to be dry over the next week, and the resulting gains in those markets added to the early strength in canola.
The Canadian dollar was holding steady Monday morning, providing little direction.
About 10,200 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Jul 903.50 dn 0.90
Nov 773.50 up 9.40
Jan 769.90 up 9.90
Mar 758.40 up 8.80
