WINNIPEG, Manitoba--The ICE Futures canola market was rising by double digits at midday Wednesday as the weather forecast for Saskatchewan and Alberta calls for temperatures exceeding 30 degrees Celsius next week.
The July canola contract was moving higher than the new crop contracts and may soon reach its daily limit of C$30 per tonne.
"I think it's coming to the realization that there's no rain in the forecast and there hasn't been much in the last two weeks," said a Winnipeg-based trader. "Of course, the tight supplies at 700,000-(tonne) carryout are incredibly tight given the volumes we are now moving, both in exports and domestically."
The Chicago soy complex was mixed at midday. Rains in the United States have brought downward pressure on soybeans and soymeal, but soyoil was in the green.
The Canadian dollar was holding steady at midday.
Nearly 13,900 contracts were traded as of 11:42 a.m. EDT.
Price Change Canola
Jul 769.00 up 26.70 Nov 726.00 up 18.10 Jan 725.10 up 15.50 Mar 717.90 up 11.30
Source: Commodity News Service Canada
Write to Adam Peleshaty at news@marketsfarm.com
(END) Dow Jones Newswires
06-23-21 1442ET
