By Glen Hallick, MarketsFarm
WINNIPEG, June 13 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger in early activity Thursday morning, following gains in the soy complex at the Chicago Board of Trade.
The six to 10-day weather forecast for the United States Midwest has called for above average rainfall and below average temperatures, adding to the wet conditions throughout the region that have caused lengthy planting delays. Speculation has grown that soybean acres might not be entirely planted.
That situation has been providing support for canola bids, along with the technical bias being to the upside.
In the overnight trade, canola was up along with palm oil, European rapeseed and U.S. soybeans.
The forecast of rain for Western Canada, which would benefit crops struggling with dry conditions, has been weighing on values. The Canada/China dispute and large global soy stocks have also tempered gains.
About 4,400 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Price Change
Canola Jul 459.90 up 2.40
Nov 470.70 up 1.70
Jan 475.40 up 1.50
Mar 480.20 up 1.10
