By Marlo Glass, MarketsFarm
WINNIPEG, June 20 (MarketsFarm) – The ICE Futures canola market was steady to down at midday Thursday.
Rain in key growing areas of the Prairies put a lid on canola prices, though precipitation in the region remains below-average.
Further losses in the canola market were avoided thanks to strong U.S. soybean prices, buoyed by flood-like conditions across the Midwest. Planting for corn was pushed past the preventative plant cutoff, further supporting canola prices.
A strong Canadian dollar, following the rising tide of oil prices, capped further gains in the canola market.
About 18,000 canola contracts traded as of 11:00 CDT.
Prices in Canadian dollars per metric tonne at 11:00 CDT:
Canola Jul 459.70 dn 0.50
Nov 475.40 dn 1.60
Jan 481.70 dn 2.00
Mar 488.10 dn 0.80