By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 7 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, as improving crop conditions weighed on values.
Warm and dry weather in the eastern Canadian Prairies should allow farmers in the region to make some seeding progress over the next week after wet conditions earlier in the spring caused planting delays. Meanwhile, dry regions of Alberta received some welcome precipitation.
Strength in the Canadian dollar and losses in outside markets, including European rapeseed and Chicago soyoil, contributed to the softer tone in canola.
However, soybeans at the Chicago Board of Trade were stronger on the day which provided some underlying support. Tight old crop supplies and uncertainty over the new crop also helped temper the declines.
About 12,300 canola contracts traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Canola Jul 1,115.40 dn 8.30
Nov 1,035.50 dn 7.10
Jan 1,040.40 dn 6.60
Mar 1,036.70 dn 10.40
