By Marlo Glass, MarketsFarm
WINNIPEG, July 24 (MarketsFarm) – ICE Futures canola contracts were slightly stronger at midday Friday.
More rain is in the forecast for the northern and eastern Prairies, which has injected a weather premium into the markets. Some areas are already dealing with excess moisture and poor crop conditions.
Chicago soyoil was slightly weaker at midday, which weighed on values.
Strength in the Canadian dollar also limited gains for canola. The dollar was around 74.5 United States cents at midday.
Approximately 10,000 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 486.70 up 1.30
Jan 493.50 up 1.20
Mar 498.80 up 1.00
May 501.90 up 0.90
