By Glen Hallick, MarketsFarm
WINNIPEG, May 14 (MarketsFarm) – Intercontinental Exchange futures canola contracts were off to a strong start in early trade Tuesday morning, as soybeans on the Chicago Board of Trade started with a bounce. That bounce was primarily due to slow pace of planting by farmers in the United States.
The July canola contract was up C$6.70 at C$442.60 per tonne. The November contract gained C$7.00 at C$453.70 per tonne.
In the U.S., soybeans were at nine per cent planted, well behind the five-year average of 29 per cent. That boosted prices by more than 19 cents per bushel for the July and August contracts.
Read Also
Canadian Financial Close: Loonie retreats, crude oil jumps
Glacier FarmMedia | MarketsFarm – The Canadian dollar took a step back after the release of economic news from Statistics Canada….
U.S. Corn was at 30 per cent planted, less than half of its five-year average. Spring wheat was at 45 per cent, under its five-year average of 67 per cent.
Canola was also getting support from limited farmer selling and weather concerns in some areas of Canada.
Canola still being more expensive than soybeans and the Canada/China dispute continued to weigh on values.
The Canadian dollar was lower Tuesday morning at about 74.15 U.S. cents.
Tuesday marks the final day of trading for the May grain and oilseed contracts on ICE and CBOT
About 5,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Jul 442.60 up 6.70
Nov 453.70 up 7.00
Jan 459.10 up 6.10
Mar 465.50 up 6.60
