By Glen Hallick, MarketsFarm
WINNIPEG, May 29 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger in early trade Wednesday morning, due to spillover from a weather market on the Chicago Board of Trade.
In heavy activity, the July canola contract gained C$4.70 to C$455.70 per tonne. The November contract was up C$4.60 to C$468.80 per tonne.
The United States Department of Agriculture reported on Tuesday that corn and soybean planting are very far behind pace, with spring wheat only somewhat behind. Lower yields for the three crops and increased prevent planting acres are expected.
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The USDA rated winter wheat as 61 per cent in good to excellent condition, down five points from last week.
On the Canadian Prairies, dry weather has raised concerns about reduced canola production, providing support for bids. Also, European rapeseed production is expected to be down this year, according to reports.
The Canada/China dispute, profit-taking for canola, and large global vegetable oil stocks are tempering gains.
The Canadian dollar was down Wednesday morning at about 74.10 U.S. cents, compared to Tuesday’s close of 74.20.
About 14,000 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric ton at 8:37 CDT:
Price Change
Canola Jul 455.70 up 4.70
Nov 468.80 up 4.60
Jan 473.20 up 4.20
Mar 477.10 up 3.80
