By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 9 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, tracking activity in outside markets.
Gains in Chicago Board of Trade soyoil and a weaker tone in the Canadian dollar accounted for most of the strength in the market, with canola tracking the product values closely, according to a broker.
Weather concerns in parts of Western Canada were also supportive, as excessive moisture cuts into the production prospects in Alberta and parts of Saskatchewan could soon use more rain, he added.
However, crop prospects remain favourable overall, which tempered the upside. Losses in CBOT soybeans also put some pressure on values.
About 12,200 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Price Change
Canola Jul 467.50 up 2.60
Nov 472.20 up 1.90
Jan 478.20 up 1.70
Mar 483.70 up 1.50
