By Glen Hallick, MarketsFarm
WINNIPEG, June 3 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were pulling back at midday Friday.
With the largest losses coming in old crop July, an analyst commented there’s a lot of movement out of that position into new crop contracts.
He also said there has likely been good seeding progress made this week on the eastern Prairies, where planting has been significantly delayed by excessively wet weather. Meanwhile, much of the western Prairies is very dry with crops needing sufficient moisture.
The weather outlook for Western Canada next week has called for dry conditions, but with temperatures normal at best, according to the analyst.
Despite gains in global crude oil prices, there were declines in the Chicago soy complex, European rapeseed and Malaysian palm oil.
The Canadian dollar was relatively steady with the loonie at 79.44 U.S. cents, compared to Thursday’s close of 79.38.
Approximately 13,850 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Price Change
Canola Jul 1,108.50 dn 33.40
Nov 1,025.20 dn 16.20
Jan 1,028.00 dn 17.80
Mar 1,032.90 dn 14.30
