By Glen Hallick, MarketsFarm
WINNIPEG, May 21 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, as it catches up with soybean prices on the Chicago Board of Trade, according to a Winnipeg-based trader.
The July canola contract was up C$3.80 at C$447.00 per tonne. The November contract gained C$4.40 per tonne at C$459.60 per tonne.
“Oilseeds really don’t want to participate in this spring weather rally, but they’re getting pulled up by it,” the trader said.
He added that dryness on the Prairies is helping with the pace of planting, with canola in the ground in many parts while some other regions still require another seven to 10 days to finish.
“We’re going to need some rain on the Prairies in the next two to three weeks,” he stressed.
Approximately 11,900 canola contracts were traded as of 10:50 CDT.
Prices in Canadian dollars per metric tonne at 10:50 CDT:
Price Change
Canola Jul 447.00 up 3.80
Nov 459.60 up 4.40
Jan 467.00 up 6.20
Mar 472.50 up 6.30
