By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 8 (MarketsFarm) – The ICE Futures canola market was mostly stronger Tuesday morning, recovering from earlier declines as gains in the Chicago Board of Trade soy complex provided support.
Ongoing North American weather concerns remained a supportive influence, although Canadian forecasts have moderated somewhat this week with rain expected in the eastern Prairies and Alberta already seeing welcome precipitation.
While the new crop months were all higher, the nearby July contract was lower Tuesday morning. The narrowing old/new crop spread was a feature.
The Canadian dollar was slightly weaker to start the day.
About 5,500 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Price Change
Canola Jul 875.90 dn 6.50
Nov 773.40 up 1.80
Jan 772.60 up 3.00
Mar 764.10 up 4.40
