By Marlo Glass, MarketsFarm
WINNIPEG, June 14 (MarketsFarm) – The ICE Futures canola market was slightly lower at midday Friday. United States corn and soybean markets remained strong despite delayed planting and prolonged wet weather.
One Winnipeg-based trader believed the large carryout from previous years may be keeping a lid on canola gains, despite crop growth significantly hobbled due to unseasonable weather across the Prairies.
“[The crop] is moving slowly when you get days with the high is around 20 degrees, it doesn’t grow nearly as fast as when it’s around 25,” they said.
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Oil prices were also down about 18 cents on the week, which further contributed to muted performances.
The trader was surprised, however, that prices weren’t stronger at midday.
“It’s rather confusing in terms of why we’re not going up, though we had seen highs particularly in the November contract, with that spread widening out to the C$15 area,” they explained.
About 19,000 canola contracts traded as of 11:15 CDT.
Prices in Canadian dollars per metric tonne at 11:15 CDT:
Price Change
Canola Jul 455.70 dn 0.80
Nov 470.50 dn 1.30
Jan 476.40 dn 0.80
Mar 482.10 dn 0.50
END
