By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 24 (MarketsFarm) – ICE Futures canola contracts were stronger Friday morning, seeing a modest recovery after Thursday’s declines.
Gains in the Chicago Board of Trade soy complex provided some spillover support, with speculative positioning ahead of the weekend a feature. Markets in the United States will be closed Monday for Memorial Day, while the Canadian canola futures will trade their usual hours.
Dryness concerns in parts of Western Canada were also supportive, with the lack of moisture hurting germination in some cases.
However, the ongoing trade dispute between Canada and China kept a lid on the upside. Large old crop supplies and a firmer tone in the Canadian dollar also weighed on values.
About 3,600 canola contracts had traded as of 9:00 CDT.
Prices in Canadian dollars per metric ton at 9:00 CDT:
Canola
Price Change
July 442.70 +0.90
Nov 456.60 +1.60
Jan 462.00 +1.60
Mar 467.30 +1.60
