By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 3 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, seeing a recovery after recent declines.
“We were due for a bounce in canola,” said an analyst, noting that the November contract was correcting off its 30 per cent retracement level after trending lower for the past week.
Generally hot and dry weather across most of the Prairies provided additional support, although the analyst noted that the drier conditions will soon be welcomed as harvest operations get underway later in the month.
Gains in Chicago soybean and European rapeseed futures provided additional spillover support, although losses in soyoil and Malaysian palm oil were bearish.
The Canadian dollar was holding near unchanged, providing little direction.
About 16,300 canola contracts traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Canola Nov 781.90 up 7.90
Jan 785.80 up 7.50
Mar 787.70 up 6.80
May 784.70 up 5.40
