By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 23 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, seeing some follow-through buying interest after Thursday’s recovery from nearby lows.
Crop prospects continue to deteriorate across the Prairies, with hot temperatures and little moisture in the forecasts over the next week.
Gains in Chicago Board of Trade soyoil and a softer tone in the Canadian dollar were also supportive for canola, although soybeans were weaker at midday.
About 8,500 canola contracts traded as of 11:00 CDT.
Prices in Canadian dollars per metric tonne at 11:00 CDT:
Price Change
Canola Nov 890.20 up 8.90
Jan 873.40 up 6.70
Mar 855.30 up 4.90
May 835.80 up 4.10
