By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 2 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, finding spillover support from gains in the Chicago soy complex.
European rapeseed and Malaysian palm oil futures were also higher, while the Canadian dollar was holding relatively steady after posting solid advances earlier in the week.
Ideas that recent losses were overdone contributed to the gains in canola, as traders squared positions ahead of the weekend.
However, relatively favourable Prairie crop weather kept a lid on the upside with timely rains in the forecast for some dry areas of Western Canada.
About 16,400 canola contracts traded as of 11:10 CDT.
Prices in Canadian dollars per metric tonne at 11:10 CDT:
Canola Jul 659.40 up 7.90
Nov 636.00 up 2.30
Jan 641.20 up 2.00
Mar 646.50 up 1.30
