By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 8 (MarketsFarm) – The ICE Futures canola market was mostly stronger at midday Monday, with speculative short-covering a feature.
The nearby July contract was posting the largest gains, causing the old crop/new crop spread to tighten as investors were busy rolling their positions out of the front month.
Mixed weather conditions across the Prairies were also supportive, with seeding delays due to excessive moisture continuing to cause some problems in parts of Alberta.
However, widespread rains in Manitoba and Saskatchewan over the weekend were generally beneficial for already seeded crops.
Losses in the Chicago Board of Trade soy complex and a firmer tone in the Canadian dollar also put some pressure on values.
About 11,700 canola contracts traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Price Change
Canola Jul 468.90 up 3.00
Nov 472.60 up 0.50
Jan 478.30 unchanged
Mar 484.60 up 0.80
