By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 6 – (MarketsFarm) – ICE Futures canola contracts were mostly higher at midday Monday, seeing a correction to start the week amid ideas the recent losses were overdone.
The largest gains were in the nearby July contract as tight old crop supplies remained supportive.
A rally in United States wheat futures was supportive for the grains and oilseeds in general, but soybeans and soyoil were holding closer to unchanged – providing little direction. European rapeseed futures were higher on the day, while the Malaysian palm oil market was closed for a holiday.
Forecasts calling for better planting weather in the wet eastern Canadian Prairies over the next week put some pressure on values. Meanwhile, dry areas of Alberta are forecast to see some rain.
About 6,500 canola contracts traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola Jul 1,128.40 up 19.60
Nov 1,046.60 up 7.30
Jan 1,050.00 up 6.10
Mar 1,041.90 dn 0.70
