By Glen Hallick, MarketsFarm
WINNIPEG, June 19 (MarketsFarm) – ICE Futures canola contracts were significantly lower at midday Wednesday, with bids down C$2 to C$5 per tonne.
That’s because rain has been forecast for across most of the Prairies, said a Winnipeg-based trader, noting “rain makes grain.”
The trader said he spoke with several farmers from the three Prairie provinces, and most of them commented they will be in fairly decent shape, especially if the forecast comes through.
Daytime temperatures in most of Western Canada are expected to range from the mid-teens to the low 20s.
The Canada/China dispute and huge global soy stocks have also weighed on values.
The wet conditions in the United States Midwest and Plains could result in soybean and corn acres not getting planted this year, which has been providing support for bids.
Approximately 12,600 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Canola Jul 458.00 dn 2.50
Nov 472.00 dn 4.00
Jan 478.40 dn 4.30
Mar 484.40 dn 4.40