By Marlo Glass, MarketsFarm
WINNIPEG, July 19 (MarketsFarm) – The ICE Futures canola market was slightly stronger on Friday morning, amid strong trading activity and higher-than-average volumes.
The market has continued its rally from Thursday. Uncertain North American weather forecasts have kept a weather premium in the market. The United States National Oceanic and Atmospheric Association has forecast above-average temperatures and precipitation levels in most growing areas for the next 90 days.
The Canadian dollar was steady against its U.S. counterpart Wednesday morning, which weighed on values.
Gains in soybeans on the Chicago Board of Trade also provided a lift for prices.
About 7,400 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Nov 448.40 up 3.00
Jan 454.60 up 2.10
Mar 461.60 up 1.90
May 467.50 up 2.00
Futures Prices as of July 19, 2019
Prices are in Canadian dollars per metric ton