By Glen Hallick, MarketsFarm
WINNIPEG, June 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were down at midday Monday, but have come off earlier lows. The exception was the old crop July contract which dropped by the daily limit of C$30 per tonne.
A Winnipeg-based trader noted canola was lagging behind the improvements in the United States markets – a common feature of the Canadian oilseed. He expects canola to be “fairly well supported” for the remainder of the day.
He cautioned the U.S. markets are “a bit jittery” as crop conditions are good, but not as good the trade would prefer them to be at this point.
The Canadian dollar was regaining some lost strength, with the loonie at 80.81 U.S. cents compared to Friday’s close of 80.52.
Approximately 9,500 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Canola Jul 733.10 dn 30.00
Nov 691.20 dn 2.80
Jan 691.00 dn 2.70
Mar 688.00 dn 2.90