By Glen Hallick, MarketsFarm
WINNIPEG, June 10 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher in early trade Monday morning, as dry conditions continue to persist across much of Western Canada.
MarketsFarm’s weather specialist, Bruce Burnett, said this past weekend’s rainfall across much of Western Canada wasn’t enough to significantly help crops.
Added to that is sub-soil moisture levels were already poor going into a third consecutive dry year.
The dry conditions on the Prairies, along with technical bias to the upside have been providing support.
The Canada/China dispute and large canola supplies have continued to weigh on values.
Improving weather conditions in the United States has allowed farmers to pick up the pace of planting, which could weigh on values. However, there is the prospect that it still could be too wet for U.S. farmers to finish planting, which could provide support.
About 5,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Jul 454.70 up 1.70
Nov 465.30 up 0.60
Jan 470.90 up 0.50
Mar 476.70 up 1.10
