By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 6 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, as ongoing concerns over the size of this year’s Canadian crop kept prices well supported.
Gains in Chicago Board of Trade soybeans and a softer tone in the Canadian dollar were also supportive. However, soyoil was holding near unchanged.
The November contract moved back above the 20-day moving average, encouraging some additional speculative buying interest.
Forecasts call for more moderate temperatures and widespread precipitation across much of Western Canada over the next week before a return to hot and dry conditions.
About 1,900 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Price Change
Canola Nov 886.10 up 6.70
Jan 871.30 up 7.00
Mar 855.60 up 7.40
May 835.70 up 6.90
