By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 9 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, taking direction from Chicago soybeans and soyoil in choppy activity.
Hot and dry Midwestern weather forecasts accounted for some of the buying interest in the soy complex that spilled into canola. Crude oil and Malaysian palm oil were also firmer on the day, although European rapeseed retreated from its own advances to turn lower.
Relatively favourable growing conditions across most of Western Canada tempered the upside in canola, keeping prices in a narrow range. However, crop development remains delayed in the eastern Prairies and many fields will need a longer-than-normal frost-free window to reach harvest.
About 11,100 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola Nov 850.20 up 3.20
Jan 859.80 up 3.30
Mar 867.00 up 3.50
May 870.00 up 2.10
