By Glen Hallick, MarketsFarm
WINNIPEG, June 19 (MarketsFarm) – ICE Futures canola contracts were higher at midday Friday, as “veg oils were driving the bus,” commented a Winnipeg-based trader.
He explained there were strong gains in Malaysian palm in the overnights and Chicago soyoil was getting a bounce from China’s announcement it would pick up its purchases of United States agricultural goods.
Short-covering was also a feature in trading today, he added.
“Not only in July, but maybe some of the spec shorts in November are moving to the sidelines,” the trader said.
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ICE Canola Midday: Canola following gains in soyoil
By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were on the rise late Tuesday morning,…
Dry conditions have become a concern as most of the Prairies are in need of precipitation. However there are areas such as northern Alberta and southeast Manitoba that contending with excessive moisture.
The Canadian Grain Commission reported 446,000 tonnes in producer deliveries for the week ended June 14. Also, there were 186,500 tonnes in domestic usage.
The Canadian dollar was virtually unchanged at 73.57 U.S cents.
Approximately 15,300 canola contracts were traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Jul 474.20 up 1.90
Nov 478.30 up 2.40
Jan 483.90 up 2.30
Mar 489.20 up 2.50
