By Marlo Glass, MarketsFarm
WINNIPEG, June 11 (MarketsFarm) – The ICE Futures canola market was generally up at midday Tuesday. Traders were adjusting positions ahead of the United States Department of Agriculture World Agriculture Supply and Demand Estimates (WASDE), released at 11 CDT.
Continual weather concerns stoked rallies, as scattered showers throughout the Prairies are doing little to replenish soil moisture. However, large carryout and prolonged trade disputes means “there’s no panic yet,” according to one Winnipeg-based trader, capping further gains at midday.
“This back-and-forth flow will likely continue, until we get some rain to help this crop settle in,” he said.
Traders are focused on short covering and looking ahead to long-term forecasts, hoping for rain to improve crop emergence.
About 13,000 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Jul 454.60 up 0.20
Nov 464.40 up 0.20
Jan 469.80 up 0.20
Mar 474.90 up 0.20
Commodity Future Prices
Prices are in Canadian dollars per metric ton