By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 4 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, as activity resumed after the Canada Day long weekend and values caught up with the Chicago soy complex.
Markets in the United States were closed today for Independence Day, but soyoil and soybeans were both sharply higher on Monday when Canadian markets were not trading.
While some parts of the Prairies received rain over the weekend, the long-range forecasts remain hot and dry for most regions which was keeping a weather premium in the futures.
The Canadian dollar was firmer in early activity, tempering the advances in canola to some extent.
About 11,000 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Nov 747.50 up 11.10
Jan 752.90 up 10.00
Mar 756.50 up 8.80
May 759.80 up 8.80
