By Glen Hallick, MarketsFarm
WINNIPEG, June 7 (MarketsFarm) – ICE Futures canola contracts were steady to lower at midday Friday, in what a Winnipeg-based trader deemed “regular trading activity.”
Due to dry conditions across Western Canada, canola was still getting a weather premium. Rain has been forecast for the weekend in most of the region, but precipitation will be more likely in the northern half.
Wet conditions in the United States could limit how much soybeans will be planted in the Midwest and Plains. Farmers were already switching from corn to soybeans, but with difficulties getting on to their fields, the opportunity to finish planting might slip away.
Read Also
North American Grain and Oilseed Review: Canola clings to small upticks
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after…
Spillover from soybeans on the Chicago Board of Trade was being felt on canola, the trader said. By midday, soybean contracts were down by more than six cents per bushel. With a few dry days, U.S. farmers have been planting as much as possible.
The Canada/China dispute, large canola stocks have been continuing to weighing on values.
Approximately 8,000 canola contracts were traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Price Change
Canola Jul 454.30 dn 0.40
Nov 466.00 dn 1.10
Jan 471.70 dn 1.50
Mar 476.50 dn 2.30
