By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 8 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, recovering from overnight declines as gains in outside markets provided spillover support.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all higher on the day, helping pull canola up as well.
Forecasts calling for hotter temperatures and only sporadic rainfall across the Canadian Prairies contributed to the gains, although activity was thin and choppy with many participants keeping to the sidelines for the time being.
Weekly Canadian canola exports of 99,100 tonnes during the week ended July 3 were roughly double what moved the previous week, according to the latest Canadian Grain Commission data. However, total exports during the crop-year-to-date of 4.9 million tonnes remain well behind the 10.1 million tonnes moved through 48 weeks of the 2020/21 marketing year.
About 7,900 canola contracts traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Canola Nov 850.20 up 1.10
Jan 858.20 up 2.20
Mar 865.50 up 2.50
May 871.00 up 2.00
