By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 20 (MarketsFarm) – The ICE Futures canola market was holding onto small gains at midday Wednesday, taking some direction from the Chicago Board of Trade soy complex.
Solid demand from both exporters and domestic crushers added to the firmer tone, with a lack of significant farmer selling as producers focus on spring fieldwork also supportive.
Relatively favourable weather conditions should allow farmers to make good seeding progress in Manitoba and Saskatchewan over the next week. However, rainfall in Alberta could lead to delays there.
Canola was showing signs of running into resistance from a chart-standpoint. A steady tone in the Canadian dollar also tempered the upside.
About 4,000 canola contracts traded as of 10:57 CDT.
Prices in Canadian dollars per metric tonne at 10:57 CDT:
Price Change
Canola Jul 473.30 up 1.00
Nov 480.00 up 1.00
Jan 486.40 up 0.90
Mar 491.80 up 0.90
