By Glen Hallick, MarketsFarm
WINNIPEG, July 6 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued higher at midday Thursday, as the Canadian Prairies remained on the dry side with temperatures likely to be above normal come next week.
As canola remained in a weather market, an analyst said the only precipitation the region could see would be scattered thunderstorms.
Support also came from modest gains in European rapeseed and Malaysian palm oil. Sharp losses in the Chicago soy complex tempered further increases in canola. A slight downturn in global crude oil prices took support away from the vegetable oils.
The Canadian dollar pulled back further at mid-Thursday morning, as the loonie dropped to 74.93 U.S. cents compared Wednesday’s close of 75.34.
Approximately 18,550 canola contracts were traded as of 10:19 CDT.
Prices in Canadian dollars per metric tonne at 10:19 CDT:
Price Change Canola Nov 767.40 up 4.30 Jan 770.10 up 2.20 Mar 772.40 up 0.90 May 774.60 up 0.50
