By Marlo Glass, MarketsFarm
WINNIPEG, June 17 (MarketsFarm) – The ICE Futures canola market was higher at midday Monday, though remained largely range-bound.
Light weekend rains across the Prairies weren’t enough to significantly boost crops, according to one Winnipeg-based trader. Meanwhile, soybean prices continued to skyrocket due to concerns of delayed planting in the Midwest, which helped pull canola prices higher.
However, rain forecasted for the Prairies in days to come could cap further gains in the canola market.
“Most fields saw some rain, and they’re calling for more, so that might keep rallies topped out,” said the trader.
Spread volumes were buoyed by the July-November contracts, as traders continued to sell off both long and short July positions.
About 19,000 canola contracts traded as of 11:00 CDT.
Prices in Canadian dollars per metric tonne at 11:00 CDT:
Canola Jul 458.20 up 3.40
Nov 472.70 up 2.50
Jan 478.50 up 3.00
Mar 485.60 up 3.10