By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 14 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, seeing a modest correction to start the week after hitting its lowest levels in a month on Friday.
Gains in Chicago soybeans and soyoil provided spillover support for the Canadian oilseed, although European rapeseed and Malaysian palm oil futures were weaker.
Heat warnings are in place for southern Alberta, while the Eastern Prairies are also expected to be warm with only light precipitation in the nearby forecasts.
The Canadian dollar was slightly softer in early activity.
About 8,500 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Canola Nov 766.20 up 4.30
Jan 772.80 up 5.10
Mar 777.50 up 6.80
May 777.80 up 8.10
