By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 24 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, as activity resumed following the Victoria Day long weekend.
Ongoing concerns over seeding delays across parts of the Canadian Prairies accounted for some of the strength in canola, although a pocket of drier weather in Manitoba this week should allow producers there to finally get on their fields.
A weaker tone in the Canadian dollar also lent some support to canola, although declines in the Chicago Board of Trade soy complex served to temper the upside.
Tight old crop supplies and intermonth spreading, as investors exit the front month, saw the nearby July contract outpace the new crop months to the upside.
About 8,400 canola contracts traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Price Change
Canola Jul 1,187.40 up 16.10
Nov 1,065.50 up 6.80
Jan 1,068.70 up 3.30
Mar 1,068.00 up 2.00
