By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 19 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, but well off its overnight lows as a recovery in Chicago soyoil provided some support.
The November contract traded below C$800 per tonne for the second session in a row in overnight trade, taking some direction from losses in crude oil and soyoil. However, those markets both recovered off their lows and canola followed suit to move back above that key chart point.
Weakness in the Canadian dollar, which was it its softest level in a month relative to its United States counterpart, was also supportive.
Prairie crop conditions remain relatively favourable heading into the weekend, although the need to keep some weather premiums in the market provided support with crop development behind normal in many areas.
About 8,000 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Nov 809.00 dn 6.40
Jan 817.30 dn 7.10
Mar 824.00 dn 7.40
May 826.50 dn 9.60
