By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 29 (MarketsFarm) – The ICE Futures canola market was posting small gains in the most active months at midday Thursday, recovering from early declines after finding some support to the downside.
Sharp strength in the Canadian dollar, which was up by roughly half of a cent relative to its United States counterpart, accounted for some selling pressure in canola. Speculative long liquidation also weighed on prices in early activity.
However, ongoing drought concerns across Western Canada, with forecasts calling for more heat and dryness over the next week, remained supportive.
Gains in Chicago Board of Trade soybeans and soyoil also underpinned canola.
About 9,300 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Canola Nov 883.20 up 0.20
Jan 869.70 up 0.50
Mar 855.40 up 0.60
May 835.10 up 0.40
Futures Prices as of July 29, 2021
Prices are in Canadian dollars per metric ton