By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 13 (MarketsFarm) – The ICE Futures canola market was posting solid gains Tuesday morning, hitting its highest levels in more than three weeks as gains in outside markets provided spillover support.
Declining crop ratings for the United States soybean crop sent the Chicago soy complex climbing higher, with some of that buying interest spilling into canola as well. European rapeseed and Malaysian palm oil futures were also up on the day.
Some dry areas of Alberta are forecast to see some shower activity this week, while the eastern Prairies remain hotter and drier.
The Canadian dollar was stronger in early activity, tempering the advances in canola.
About 10,900 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Jul 698.20 up 9.20
Nov 675.50 up 9.80
Jan 680.70 up 8.70
Mar 686.10 up 8.30
