By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 29 (MarketsFarm) – ICE Futures canola contracts were up for the fourth straight session at midday Wednesday, as weather concerns in the United States Midwest continued to prop up the oilseeds.
Seeding delays for the U.S. soybean crop kept Chicago Board of Trade soybeans pointed higher on Wednesday, which provided some spillover support for canola.
Dryness concerns in parts of Saskatchewan and Alberta were also supportive, as many areas will soon be in need of moisture.
Speculators covering short positions were a feature, according to a trader.
However, the recent strength in canola prices was starting to generate some farmer selling pressure. Ongoing concerns over Canada’s trade dispute with China also weighed on values.
About 28,000 canola contracts traded as of 10:23 CDT.
Prices in Canadian dollars per metric tonne at 10:23 CDT:
Price Change
Canola Jul 456.70 up 5.80
Nov 470.20 up 6.00
Jan 474.80 up 5.80
Mar 478.70 up 5.40
