By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 20 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, taking back Monday’s losses as gains in the Chicago Board of Trade soy complex provided some spillover support.
Malaysian palm oil and European rapeseed futures were also higher overnight.
While scattered showers were hitting parts of Western Canada on Tuesday and smoke from wildfires was moderating temperatures, crop conditions remain poor overall with the recent heat and dryness already cutting into yield prospects.
The Canadian dollar was holding relatively steady after dropping sharply on Monday.
About 13,600 canola contracts traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Price Change
Canola Nov 913.80 up 15.70
Jan 896.00 up 16.30
Mar 877.40 up 16.70
May 855.50 up 16.20
