By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 3 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing a continuation of Tuesday’s recovery off of nearby lows.
Chart-based speculative buying was a feature, with gains in the Chicago Board of Trade soy complex and a slightly weaker tone in the Canadian dollar contributing to the early strength.
Weather conditions remain relatively favourable in Manitoba and Saskatchewan, although excessive moisture in Alberta continues to cause seeding delays in some regions.
Seeding progress in Manitoba was pegged at 88 per cent complete in the latest provincial crop report. That was up 23 points from the previous week, but still slightly behind the 94 per cent average for this time of year.
About 3,200 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Jul 462.40 up 2.70
Nov 469.80 up 2.70
Jan 476.20 up 2.70
Mar 481.70 up 2.60