By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 8 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Wednesday, taking some direction from the Chicago soy complex.
Soybeans were testing fresh contract highs with soyoil also nearing its own highs. Canola continued to lag its United States counterparts to the upside, but the relative softness in the oilseed helped crush margins improve which was likely keeping some domestic crusher interest in the market, according to a broker.
Gains in European rapeseed futures provided some additional spillover support for canola, although Malaysian palm oil was slightly weaker.
Relatively favourable crop conditions across Western Canada despite the late seeding in the eastern Prairies put some pressure on values.
About 10,400 canola contracts traded as of 10:54 CDT.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Canola Jul 1,119.60 up 6.50
Nov 1,057.80 up 17.80
Jan 1,063.30 up 17.30
Mar 1,064.50 up 15.70
