By Glen Hallick, MarketsFarm
WINNIPEG, May 31 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher in early trade Friday morning, for the sixth consecutive session.
The July canola contract was up C$2.40 to C$461.50 per tonne. The November contract was up C$1.80 to C$447.80 per tonne.
Dry conditions in parts of Western Canada and wet conditions in the United States Midwest and Plains have been providing support. Also the technical bias has remained to the upside.
The Canadian dollar was weaker Friday morning, sliding under 74.00 U.S. cents to at about 73.80 U.S. cents, making canola more attractive to buyers.
Reports stated canola has been vulnerable to profit-taking, which has weighed on values, along with an increase in farmer selling encouraged by this week’s rally. The ongoing Canada/China dispute and forecasts for record carryovers have also been providing downward pressure.
About 5,400 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola Jul 461.50 up 2.40
Nov 474.80 up 1.80
Jan 479.80 up 2.20
Mar 484.00 up 2.70
