By Marlo Glass, MarketsFarm
WINNIPEG, June 2 – ICE Futures canola contracts were higher at midday Tuesday, bouncing back after losses incurred the day prior.
The spread between the price of the July and November contracts is narrowing due to short positioning ahead of July’s expiration.
Strength in Chicago soy oil was also supportive of canola prices.
A continued rally in the Canadian dollar kept a lid on gains for values. The loonie was over 74 U.S. cents at midday.
Approximately 10,000 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola Jul 460.00 up 2.80
Nov 467.30 up 1.20
Jan 474.40 up 1.80
May 479.90 up 1.80
