By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 17 (MarketsFarm) – ICE Futures canola contracts were holding onto small gains at midday Wednesday, as the market stabilized above nearby support.
Gains in Chicago Board of Trade soybeans and corn, amid ideas that more land was unseeded in the United States than officially reported, accounted for some of the spillover buying interest in canola.
Ongoing uncertainty over crop conditions across Western Canada also underpinned the futures, although weather concerns have eased somewhat over the past few weeks.
The Canadian dollar was stronger at midday, putting some pressure on values.
About 5,100 canola contracts traded as of 11:00 CDT.
Prices in Canadian dollars per metric tonne at 11:00 CDT:
Price Change
Canola Nov 445.60 up 0.30
Jan 453.10 up 0.40
Mar 460.70 up 0.90
May 466.50 up 0.90
