By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 9 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, setting fresh contract highs in many months amid persistent Prairie drought concerns.
Forecasts calling for hot temperatures and only scattered precipitation across most of Western Canada over the next week will do little to alleviate those concerns, with the weather causing many market participants to downgrade their expectations on the size of this year’s crop.
Early strength in Chicago Board of Trade soyoil futures provided some additional spillover support for canola.
However, a firmer tone in the Canadian dollar put some pressure on values.
About 8,200 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Price Change
Canola Nov 840.70 up 26.70
Jan 831.00 up 24.70
Mar 816.80 up 22.40
May 793.50 up 15.30
