By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 23 (MarketsFarm) – ICE Futures canola contracts were posting small gains Thursday morning, recovering from overnight losses as weakness in the Canadian dollar provided some support.
The currency was down by roughly a third of a cent relative to its United States counterpart.
Dryness concerns in parts of Western Canada and expectations that farmers will seed fewer acres this spring also provided some support.
However, large old crop supplies and ongoing concerns over the trade dispute with China weighed on values.
Early declines in the Chicago Board of Trade soy complex also accounted for some spillover selling pressure in canola, according to participants.
About 2,800 canola contracts had traded as of 8:49 CDT.
Canola
Price Change
July 446.40 +0.60
Nov 459.50 +0.90
Jan 465.10 +1.00
Mar 470.50 +1.10
