By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 23 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, seeing a correction from Friday’s losses.
Gains in Chicago Board of Trade soyoil futures provided underlying support for canola, with chart-based buying adding to the advances.
Widespread rains across Western Canada over the weekend have delayed harvest activity which added to the firmer tone in canola, according to participants.
However, the Canadian dollar was up sharply at midday, putting some pressure on values.
About 8,300 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Price Change
Canola Nov 872.20 up 7.30
Jan 860.20 up 6.80
Mar 840.40 up 3.90
May 817.00 up 3.50
