WINNIPEG, June 20 (MarketsFarm) – The ICE Futures canola market was slightly down at midday Friday, with trading volumes lower than usual.
Forecasted rain across the Prairies weighed on canola prices, though precipitation was spotty in some key growing regions.
“Farmers are happy to see the rain, but some guys haven’t gotten much,” said one Winnipeg-based trader.
“Some areas are getting better coverage, but others are still lacking the moisture.”
The Chicago soybean complex was also down, reacting to an uncertain U.S. weather forecast. Most of the Midwest remained unseasonably wet, capping further losses.
About 10,000 canola contracts traded as of 11:30 CDT.
Prices in Canadian dollars per metric tonne at 11:30 CDT:
Canola Jul 459.70 dn 2.20
Nov 475.40 dn 2.90
Jan 481.70 dn 3.00
Mar 488.10 dn 2.40