By Marlo Glass, MarketsFarm
WINNIPEG, June 13 (MarketsFarm) – The ICE Futures canola market was mainly up at midday Thursday, as markets remain watchful over inclement weather on either side of the border.
Dry conditions in the Prairies, specifically Saskatchewan, continued to buoy canola prices. Further gains were caused by prevailing sentiments that soybean planting will be further delayed due to rain in the United States, where planting is only about 60 per cent complete.
Technical funds were short by about 100,000 for Chicago soybeans, and have been covering those positions in recent days.
A trader said soybeans are strong for the time being, until the weather situation improves.
The Canadian dollar hovered around 75 U.S. cents on Thursday, up slightly from Wednesday’s close.
About 25,000 canola contracts traded as of 11:00 CDT. The nearby July contract was down as traders exited the front month and rolled into new crop positions.
Prices in Canadian dollars per metric tonne at 11:00 CDT:
Price Change
Canola Jul 455.90 dn 1.60
Nov 469.50 up 0.50
Jan 474.60 up 0.70
Mar 484.20 up 0.50
