By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 4 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, boosted by gains in the Chicago Board of Trade soy complex.
Soyoil was posting triple-digit gains, retesting the 10-year highs hit on Thursday before profit-taking came forward.
Hot and dry weather forecasts for both Canada and the United States were a supportive influence, with key canola and soybean growing regions dealing with heat stress and in need of moisture.
A lack of significant farmer selling pressure, given the uncertain production prospects, contributed to the gains in canola.
The Canadian dollar was slightly firmer at midday.
About 12,000 canola contracts traded as of 11:05 CDT.
Prices in Canadian dollars per metric tonne at 11:05 CDT:
Canola Jul 905.60 up 15.80
Nov 759.80 up 15.90
Jan 756.70 up 18.60
Mar 745.50 up 18.00