By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 4 (MarketsFarm) – ICE Futures canola contracts were posting small gains Tuesday morning, after trading to both sides of unchanged in overnight activity.
Gains in Chicago Board of Trade soybeans and soyoil provided some spillover support, as the slow pace of spring seeding across the Midwest supported the United States futures.
Dryness concerns in parts of Western Canada and supportive technical signals also underpinned the futures.
However, large old crop supplies and the ongoing trade dispute between Canada and China kept a lid on the upside. Forecasts calling for much needed precipitation in some of the dry areas of the Prairies also weighed on valus.
About 4,200 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola Jul 456.20 up 0.90
Nov 469.60 up 1.00
Jan 475.30 up 1.00
Mar 481.90 up 3.00
