By Glen Hallick, MarketsFarm
WINNIPEG, May 16 (MarketsFarm) – Intercontinental Exchange futures canola contracts were stronger in early trade Thursday morning, due to spillover from the soy complex on the Chicago Board of Trade.
The July canola contract was up C$2.80 at C$444.30 per tonne. The November contract was also up C$2.80 at C$456.00 per tonne.
Limited farmer selling due to planting and technical bias toward the upside are also providing support.
Weighing on values includes canola being pricier than soybeans, favourable weather for Prairie farmers, and burdensome Canadian supplies of canola, and global supplies of soybeans and palm oil.
The Canadian dollar Thursday morning was stronger at about 74.46 U.S. cents, up from Wednesday’s close of 74.34.
About 2,900 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Jul 444.30 up 2.80
Nov 456.00 up 2.80
Jan 461.80 up 2.80
Mar 467.40 up 2.90