ICE canola up at midday with weather concerns

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, July 6 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, as weather concerns across North America provided support.

Chicago Board of Trade soybeans and soyoil were both posting solid gains on their first trading day back after the Independence Day long weekend, as hot and dry weather conditions across the Midwest sparked some buying interest.

Excessive moisture in parts of Western Canada, including hail and flood damage, added to the weather-related strength in canola as speculators covered short-positions, according to a trader.

However, chart-resistance was holding to the upside, with the November canola contract topping out at C$480 per tonne. A move above that level could spark additional fund short-covering.

About 9,600 canola contracts traded as of 10:51 CDT.

Prices in Canadian dollars per metric tonne at 10:51 CDT:

Price Change
Canola Nov 479.70 up 4.80
Jan 485.90 up 4.80
Mar 490.70 up 5.00
May 495.40 up 5.30

Futures Prices as of July 6, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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