By Glen Hallick, MarketsFarm
WINNIPEG, June 11 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher in early trade Tuesday morning, as parts of the Prairies remain largely dry, which has kept a weather premium in the market.
China having purchased soy from the United States and the prospect of soy acres in the U.S. not getting planted this year were also providing support.
On the flip side, a large soybean crop in the U.S. is still expected, which has been weighing on values. The Canada/China dispute, large canola supplies and hopes of more precipitation to come for Western Canada were also tempering gains.
About 5,600 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Jul 456.20 up 1.80
Nov 465.30 up 1.10
Jan 470.90 up 1.30
Mar 476.10 up 1.10
Commodity Future Prices
Prices are in Canadian dollars per metric ton