By Marlo Glass, MarketsFarm
WINNIPEG, May 11 – ICE Futures canola contracts were stronger at midday Monday, following a weekend of cool weather and instances of snow across the Canadian Prairies.
While temperatures weren’t cold enough to damage canola crops, they may have delayed seeding activity and prevented producers from getting last year’s canola crop off of fields.
“Seeding progress is going slow, and cold temperatures aren’t helping,” said one Winnipeg-based trader.
Weakness in Chicago soyoil discouraged further gains for canola prices.
Relative weakness in the Canadian dollar was supportive of values. The dollar was at 71.26 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 May 471.70 up 2.60
Jul 476.80 up 1.40
Nov 482.80 up 1.60
Jan 482.30 up 1.90
