By Marlo Glass, MarketsFarm
WINNIPEG, June 10 (MarketsFarm) – The ICE Futures canola market was generally stronger at midday Monday, as key growing areas of the Prairies experience continually dry weather.
Though Manitoba and Alberta received marginal rain over the weekend, key growing areas of Saskatchewan remained largely dry.
The July – November spread jumped particularly high as traders anticipate new crop in most of Saskatchewan may be in “serious trouble,” according to one Winnipeg-based trader.
“When that spread starts to move, it’s a sign that traders might want to go after old crop stocks,” he said.
A stronger Canadian dollar and relatively weak soy oil and meal prices tempered further gains.
“If it wasn’t for the weather, canola would be struggling,” he said.
About 28,000 canola contracts traded as of 11:30 CDT.
Prices in Canadian dollars per metric tonne at 11:30 CDT:
Price Change
Canola Jul 458.20 up 5.20
Nov 466.60 up 2.20
Jan 472.40 up 2.00
Mar 477.80 up 2.20
