By Glen Hallick, MarketsFarm
WINNIPEG, June 15 (MarketsFarm) – ICE Futures canola contracts were higher at midday Monday, with what appeared to be rolling out of the July contract.
“Spreads are moving around all through the month of June here. Must be rolling [out of July], but it’s hard to tell what’s driving these spreads,” commented a Winnipeg-based trader, adding that “it’s not uncommon for the spreads to be swingy during June.”
Also, the trader said the drier areas on the Prairies will carry more weight in canola values than regions suffering from wet conditions.
He noted that product values dropped about six dollars earlier in the session, but had largely recovered by midday. Most notable was Chicago soyoil in being down only a few one hundredths of a cent.
The Canadian dollar was lower at 73.34 U.S cents compared to Friday’s close of 73.55.
Approximately 17,700 canola contracts were traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Jul 472.70 up 3.30
Nov 474.70 up 1.70
Jan 480.30 up 1.10
Mar 485.80 up 0.80
