By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 16 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Thursday, taking some direction from Chicago Board of Trade soybeans and soyoil.
“It looks like we have some spring lows across the board,” said a Winnipeg-based trader on the day’s strength. He said weather concerns in the United States Midwest were the major supportive influence.
The need to keep some weather premiums in place as canola seeding progresses across the Canadian Prairies was also somewhat supportive, although the trader said conditions were relatively favourable for the time being.
Ongoing uncertainty over Chinese demand kept some caution in the market.
The ICE canola market will be closed Monday, May 20, for Victoria Day, while most other U.S. markets remain open. Positioning ahead of the Canadian long weekend could provide some direction.
About 7,400 canola contracts traded as of 10:55 CDT.
Prices in Canadian dollars per metric tonne at 10:55 CDT:
Canola Jul 445.10 up 3.60
Nov 456.80 up 3.60
Jan 462.50 up 3.50
Mar 467.50 up 3.00