By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 5 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, although activity was thin and choppy.
The hot and dry weather through the growing season has cut into the size of this year’s canola crop, keeping prices well supported. However, actual yields remain to be seen and the market participants are uncertain where prices will need to go to ration enough demand.
Gains in Chicago Board of Trade soybean futures provided some support. However, soyoil held near unchanged and the Canadian dollar was stronger, cutting into crush margins.
About 6,500 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 875.60 up 2.80
Jan 862.60 up 3.70
Mar 848.20 up 3.10
May 829.90 up 4.70
