By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 22 (MarketsFarm) – The ICE Futures canola market mixed Tuesday morning, lacking any clear direction in thin and choppy trade.
Forecasts calling for timely rains across the United States Midwest over the next week accounted for some selling pressure in Chicago Board of Trade soybeans that spilled into canola. However, the Canadian Prairies remain dry and in need of more moisture.
Tight old crop supplies, a turn higher in CBOT soyoil, and a softer tone in the Canadian dollar were all supportive as well.
About 3,500 canola contracts had traded as of 8:50 CDT, with the narrowing of the old/new crop spread a feature.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Price Change
Canola Jul 731.70 dn 16.40
Nov 702.00 up 1.80
Jan 702.50 up 0.20
Mar 699.00 dn 1.50
