ICE Close: Soy Gains, Slow Seeding Support Canola

Gains in the Chicago soy complex helped to canola futures to small gains on Friday.

Soybeans were supported by hopes for more Chinese buying and the potential for cold weather damage in parts of the American Midwest this weekend, with those advances spilling over to canola.

A slow Prairie seeding pace was also supportive for canola. Crop reports this week estimated Saskatchewan planting at about 7% complete as of Monday, 6 points behind last year and 2 points back of the five-year average. The Alberta report showed seeding in the province at about 9% finished as of Tuesday, also behind last year and the average. Planting in Manitoba was reported at less than 1% complete due to cool temperatures and wet fields.

Strength in the Canadian dollar today limited the gains in canola.

July canola was up $1.40 at $468.60, November was 90 cents higher at $474.90 and January gained 80 cents to $480.70.

Source: DePutter Publishing Ltd.

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