By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 18 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, seeing a continuation of its weeklong rally.
Gains in Chicago soyoil and European rapeseed futures provided spillover support, although Malaysian palm oil was lower on the day.
The November contract was trading just below the psychological C$800 per tonne level in early activity, after trading above that chart point in overnight activity.
A lack of fresh weather concerns across Western Canada and the looming harvest tempered the upside.
About 7,700 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Nov 799.30 up 4.10
Jan 805.10 up 4.00
Mar 804.20 up 1.30
May 803.20 up 1.50
