ICE canola stronger Thursday

By Marlo Glass, MarketsFarm
WINNIPEG, July 25 (MarketsFarm) – The ICE Futures canola market was stronger on Thursday morning, following positive price trends set on Wednesday.
Hot temperatures in Europe are threatening to stress rapeseed crops, driving prices higher. Malaysian palm oil crops are also suffering due to lack of rain in India. Higher prices in the Chicago Board of Trade soy complex due to a dry forecast in the United States Midwest also provided support for canola values.
The Canadian dollar remained steady at around 76 U.S. cents as of Thursday morning, keeping a lid on further gains.
About 2,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 450.80 up 0.80
Jan 458.50 up 1.00
Mar 466.30 up 1.70
May 471.70 up 1.60

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