By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 4 (MarketsFarm) – The ICE Futures canola market was holding onto small gains Thursday morning, taking some direction from Chicago Board of Trade soybeans.
Early weakness in the Canadian dollar was also supportive, although the currency has shown considerable strength over the past week.
Excessive moisture in parts of northern Alberta and Saskatchewan continues to delay seeding operations in the region, keeping some weather premium in canola. However, conditions remain relatively favourable in the eastern Prairies.
A softer tone in CBOT soyoil also put some pressure on values.
About 3,800 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Jul 463.60 up 2.70
Nov 370.30 up 1.90
Jan 476.60 up 1.80
Mar 482.00 up 1.70