By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 11 (MarketsFarm) – The ICE Futures canola market was stronger Monday morning, seeing a continuation of last week’s recovery off nearby lows.
Gains in outside markets, including Chicago soyoil, European rapeseed and Malaysian palm oil contributed to the early buying interest in canola. Weakness in the Canadian dollar, which was down by roughly half a cent relative to its United States counterpart, was also supportive.
Forecasts calling for warmer and drier Prairie weather over the next few weeks were also supportive, although moisture levels are thought to be reasonably good in most areas for the time being.
About 6,900 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Nov 868.40 up 13.30
Jan 875.00 up 12.80
Mar 881.80 up 12.50
May 886.50 up 11.40
