By Marlo Glass, MarketsFarm
WINNIPEG, June 12 (MarketsFarm) – The ICE Futures canola market was up at midday Wednesday, focusing back on weather after the United States Department of Agriculture World Agriculture Supply and Demand Estimates (WASDE) was released on Tuesday.
Strong soybean gains buoyed canola markets, as soybean producers are concerned weather may keep them off the fields for planting.
“I think the market is starting to get worried, because two weeks from now we’ll be starting to wonder how we’ll get these beans in the ground,” explained one Winnipeg-based trader.
Delays in soft red winter wheat harvests may also delay soybean planting, further buoying prices.
About 23,000 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Jul 457.30 up 1.80
Nov 468.40 up 2.80
Jan 473.90 up 2.80
Mar 480.50 up 3.90