By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 17 (MarketsFarm) – ICE Futures canola contracts were stronger Monday morning, as a rally in the Chicago Board of Trade soy complex provided support.
Excessive rains across the United States Midwest, and forecasts calling for more moisture, accounted for much of the buying interest in beans as the excessive precipitation continues to cause seeding delays.
Rains were more welcome in Western Canada over the weekend, which helped temper the upside in canola. However, more moisture will be needed, and traders were keeping a weather premium in the market.
Large old crop supplies and the ongoing trade dispute with China remained bearish influences in the background.
About 10,000 canola contracts had traded as of 9:00 CDT, with the July/November spread a feature as participants roll their positions out of the front month.
Prices in Canadian dollars per metric ton at 9:00 CDT:
Price Change
Canola Jul 458.80 up 3.90
Nov 472.30 up 2.00
Jan 477.90 up 1.80
Mar 483.90 up 2.40
