By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 3 (MarketsFarm) – ICE Futures canola contracts traded to both sides of unchanged in overnight activity, but were holding on to small gains early Monday morning.
Strength in Chicago Board of Trade soybeans, as United States farmers continue to face seeding delays across the Midwest, provided some spillover support for canola.
Frost and dryness concerns in parts of Western Canada added to the firmer tone.
However, large old crop supplies and the ongoing trade dispute between Canada and China kept a lid on the upside.
A firmer tone in the Canadian dollar and early declines in CBOT soyoil also weighed on values.
About 3,000 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola Jul 460.40 up 0.90
Nov 473.90 up 0.50
Jan 479.70 up 0.30
Mar 484.20 up 1.60
