By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 8 – (MarketsFarm) – The ICE Futures canola market was holding onto small gains at midday Monday, although activity was choppy with prices bouncing around both sides of unchanged.
Gains in Chicago Board of Trade soyoil provided spillover support for the Canadian oilseed. European rapeseed and Malaysian palm oil futures were also higher on the day, while soybeans were narrowly mixed.
Crop development remains delayed in the eastern Prairies, providing additional support as many fields will need a longer-than-normal frost-free window to reach harvest.
Strength in the Canadian dollar, which was up by roughly half of a cent relative to its United States counterpart, weighed somewhat on values.
About 13,600 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola Nov 853.00 up 2.80
Jan 862.90 up 2.90
Mar 870.10 up 3.20
May 874.50 up 3.30
