By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 11 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, taking some direction from the Chicago soy complex.
Gains in crude oil were supportive fore world vegetable oil markets in general, with dryness concerns for the United States soybean crop adding to the spillover buying interest in the Canadian oilseed.
Canadian crop conditions remain relatively favourable in most areas, although some areas of concern persist while many fields are well behind normal in development.
The U.S. Department of Agriculture releases its latest monthly supply/demand estimates on Friday, with pre-report positioning behind some of the activity in the grains and oilseeds.
About 14,600 canola contracts traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola Nov 863.90 up 7.90
Jan 871.30 up 6.30
Mar 876.50 up 5.20
May 877.50 up 4.70
