By Glen Hallick, MarketsFarm
WINNIPEG, May 30 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger in early trade Thursday morning in more moderate activity.
The July canola contract was up C$3.30 to C$461.50 per tonne. The November contract was up C$2.50 to C$474.80 per tonne.
Farmers planting fewer canola acres this year compared to last year and dry conditions across much of Western Canada are providing support. The technical bias having shifted to the upside and canola getting spillover from increasing soybean prices on the Chicago Board of Trade are supportive of bids as well.
The China’s ban on canola imports from Canada and forecasts for record canola carryovers are weighing on values.
The Canadian dollar was stronger Thursday morning at about 74.10 U.S. cents, compared to Wednesday’s close of 74.00.
About 4,400 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Jul 461.50 up 3.30
Nov 474.80 up 2.50
Jan 479.20 up 2.30
Mar 483.00 up 2.30
