By Glen Hallick, MarketsFarm
WINNIPEG, June 16 (MarketsFarm) – ICE Futures canola contracts were higher at midday Tuesday as rolling out of the July contract continued.
“They’re getting rid of the Julys and moving into in November,” said a Winnipeg-based trader.
He noted that weather conditions were supportive as well, as the Prairies are mostly dry with pockets of excessive moisture.
Other support was coming from stronger Chicago soyoil and European rapeseed, the trader said.
The next round of weekly crop reports from the Prairie Provinces begins later this afternoon, when Manitoba issues its update.
The Canadian dollar was relatively steady at 73.60 U.S cents compared to Monday’s close of 73.51.
Approximately 16,900 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Jul 474.60 up 3.40
Nov 474.80 up 1.10
Jan 480.30 up 0.70
Mar 486.20 up 0.70
