By Glen Hallick, MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – ICE Futures canola contracts were higher at midday Tuesday, taking back yesterday’s losses.
A Winnipeg-based trader said that’s largely due to a stronger Chicago soy complex, which is getting support from China buying soybeans from the United States.
He noted “a massive pop in the Canadian dollar” as the U.S. dollar was weaker today. The loonie was stronger by almost a full penny compared to Monday’s close of 71.51 U.S. cents, which was putting a lid on further gains for canola.
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The trader said the spread volume has been quite heavy today, but there is weakness in the July/November old crop/new crop spread.
“It was $4.50 about 10 days ago and now it’s up to $9.70,” he commented.
Seeding progress on the Prairies was coming along quite well he said, with good gains in Alberta last week. Manitoba is scheduled to release its next crop report today and the expectation is for strong progress to be shown, the trader said.
Approximately 10,500 canola contracts were traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Price Change
Canola Jul 462.90 up 2.70
Nov 472.70 up 3.00
Jan 479.30 up 3.00
Mar 485.00 up 2.40
