ICE canola slightly higher

By Marlo Glass, MarketsFarm
WINNIPEG, July 17 (MarketsFarm) – The ICE Futures canola market was slightly higher on Wednesday morning, in light volumes and choppy activity.
The market rallied after bearish activity on Tuesday. While improving crop conditions pressured prices, there is still enough uncertainty regarding crop conditions to keep a weather premium in the market.
The Canadian dollar slipped slightly against its U.S. counterpart Wednesday morning, which also supported prices.
Losses in soybeans on the Chicago Board of Trade kept a lid on prices, along with the long-term technical bias, which is expected to remain lower for some time.
About 1,900 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 445.80 up 0.50
Jan 454.00 up 1.30
Mar 460.50 up 0.70
May 466.40 up 0.80

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