By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 4 – (MarketsFarm) – ICE Futures canola contracts were stronger at midday Thursday, seeing a correction after posting sharp losses earlier in the week.
Gains in outside markets including European rapeseed and the Chicago soy complex provided some spillover support, although Malaysian palm oil was holding steady on the day.
Hot and dry forecasts for the United States Corn Belt were behind some of the strength in soybeans.
Canadian crop conditions remain relatively favourable for the time being, but development of the canola crop is behind normal which should be keeping some weather premiums in the futures.
About 11,000 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola Nov 832.90 up 11.00
Jan 843.30 up 11.40
Mar 851.00 up 11.60
May 855.80 up 12.10
