ICE canola stronger Thursday

By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 22 (MarketsFarm) – The ICE Futures canola market was slightly stronger on Thursday morning.
Canola values found support from soybean prices on the Chicago Board of Trade. Soybeans got a boost due to reports from the Pro Farmer crop tour, which estimated an average of 997.68 pods in 3-by-3 foot squares, compared to 1,328.91 pods last year.
Malaysian palm oil futures also jumped to a six-month high, thanks to reduced production.
Lingering concerns of frost across the Canadian Prairies have kept a weather premium in the market, supporting prices.
The Canadian dollar remained around 75 cents compared to its U.S. counterpart, which kept a lid on values.
About 1,900 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 454.50 up 1.40
Jan 461.80 up 1.30
Mar 468.30 up 1.50
May 473.80 up 1.50

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