By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 14 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, seeing a modest correction after recent losses.
Gains in Chicago soyoil and European rapeseed futures provided some spillover support, with Malaysian palm oil holding steady in overnight trade.
Continued weakness in the Canadian dollar, which has lost over two cents relative to its United States counterpart over the past week, added to the firmer tone in canola as the declining currency boosts crush margins and makes exports more attractive to international buyers.
More rains in Manitoba were causing delays for the already-late crops in the province. However, moisture in Alberta and Saskatchewan was welcomed.
About 3,900 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola Jul 1,098.40 up 11.20
Nov 1,041.60 up 13.00
Jan 1,046.50 up 12.40
Mar 1,047.20 up 11.50
