By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 6 (MarketsFarm) – ICE Futures canola contracts were holding relatively steady Thursday morning, bouncing around both sides of unchanged as traders tried to get a better handle on the Prairie moisture situation.
Forecasts calling for some much needed rain in some dry areas of Western Canada accounted for some of the early selling pressure, with improving seeding weather in the United States also weighing on values.
However, the latest forecasts have downgraded the extent of the Prairie rainfall, with some of the driest areas now only expected to see spotty showers.
Chicago Board of Trade soybeans were slightly lower in early activity, while soyoil was posting small gains.
About 3,400 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Price Change
Canola Jul 450.20 unchanged
Nov 462.90 unchanged
Jan 469.00 unchanged
Mar 474.40 up 0.20
