By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 3 (MarketsFarm) – ICE Futures canola contracts were posting small gains Wednesday morning, seeing a modest correction after Tuesday’s declines.
Strength in Chicago Board of Trade soybeans provided some spillover support for canola, as traders in the United States were squaring positions ahead of the Fourth of July holiday. U.S. grain and oilseed markets will be closed on Thursday, while canola will trade its usual hours.
Ongoing dryness concerns in parts of Western Canada and supportive chart signals added to the firmer tone in canola, according to participants.
However, recent rainfall and cooler temperatures have helped improve crop conditions in some areas. Early strength in the Canadian dollar also put some pressure on values.
About 1,800 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 451.60 up 0.40
Jan 459.20 up 1.10
Mar 465.30 up 0.60
May 470.60 up 0.30
