By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 4 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, seeing a continuation of Thursday’s bounce ahead of the long weekend.
The canola market will be closed Monday for Terry Fox Day with many other Canadian institutions also closed for provincial holidays.
Gains in Chicago soybeans and soyoil provided additional spillover support for canola, with European rapeseed and Malaysian palm oil futures also higher.
Hot and dry Prairie weather was also supportive, although most of the canola crop is still thought to be in relatively good shape, according to reports.
The Canadian dollar was holding near unchanged, providing little direction.
About 11,500 canola contracts traded as of 11:15 CDT.
Prices in Canadian dollars per metric tonne at 11:15 CDT:
Canola Nov 793.70 up 12.80
Jan 796.70 up 12.50
Mar 797.30 up 11.70
May 794.60 up 11.10
