By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was posting small gains Wednesday morning, seeing some follow-through buying as contracts continued to recover off nearby lows.
European rapeseed and Malaysian palm oil were both up on the day, providing some spillover support. However, markets in the United States were closed for the Juneteenth holiday and the lack of direction from the soy complex should limit activity in the canola market to some extent.
Large old crop supplies and relatively favourable weather conditions across the Prairies remained bearish.
Canola seeding was 96 per cent complete in Manitoba, according to the latest provincial crop report. The most advanced fields were bolting, while reseeding was required in some fields due to flea beetle damage.
About 9,400 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Jul 609.60 up 0.20
Nov 628.00 up 1.90
Jan 634.30 up 1.70
Mar 639.60 up 3.80
