By Glen Hallick, MarketsFarm
WINNIPEG, June 14 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger in early activity Friday morning, with wet conditions in the United States and dry conditions on the Prairies.
Chicago Board of Trade soybean and corn prices are up due to planting concerns across a very drenched U.S. Midwest. More rain for the region is expected according to the six to 10-day forecast, further delaying planting that’s already well behind pace.
The technical bias for canola has remained to the upside, providing support.
Dry conditions on the Prairies, especially in Saskatchewan, have spurred an infestation of flea beetles. Strong winds as well have made it difficult for canola to grow.
Between 25 to 100 millimeters of rain has been forecast for the Prairies next week. However, that rainfall could be too late to help this year’s canola crop.
About 5,000 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Price Change
Canola Jul 459.10 up 2.60
Nov 472.90 up 1.10
Jan 478.80 up 1.60
Mar 483.90 up 1.30
