By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 6 (MarketsFarm) – The ICE Futures canola market was up sharply at midday Friday, nearing the psychological C$900 per tonne level in the most active November contract.
While the nearby forecasts are calling for more moderate temperatures and a chance of rain across the Prairies, yields were hurt by the drought conditions earlier in the growing season with the better weather now unlikely to alter the production prospects greatly. A return to heat and dryness is expected in the longer-range outlooks.
Gains in Chicago Board of Trade soybeans and a softer tone in the Canadian dollar were also supportive.
About 5,900 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 896.10 up 16.70
Jan 880.50 up 16.20
Mar 861.20 up 13.00
May 841.80 up 13.00
