WINNIPEG – The ICE Futures canola market was on the rise at midday Friday, but a strengthening Canadian dollar brought downward pressure as American traders positioned themselves ahead of Independence Day weekend.
Despite temperatures exceeding 30 degrees Celsius over the weekend with some precipitation forecast in the Prairies, gains for canola were limited to between C$7 to C$11 per tonne. One Winnipeg-based trader said canola has become a bit more independent from the Chicago soy complex as it gains more interest from buyers.
“(Canola) has gained more than US$100 per tonne on the U.S. markets over the last few weeks and it’s just from buyers pushing it into the futures more and more to get things covered. Also, (there’s) spec money likely coming in,” the trader said.
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The Chicago soy complex only achieved slight, single-digit gains at midday Friday after its major rise on Wednesday after the United States Department of Agriculture released its acreage and stocks report.
The Canadian dollar was up six-tenths of a cent at midday.
Nearly 13,300 contracts were traded as of 10:50 a.m. CDT.
Price Change
Canola Nov 822.30 up 10.60
Jan 817.50 up 8.50
Mar 810.80 up 10.60
May 797.10 up 7.00
