By Marlo Glass, MarketsFarm
WINNIPEG, July 30 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger on Thursday morning, due to follow-through buying from yesterday’s rally.
Slight strength in Chicago soyoil also were supportive of canola prices. Nearby Chicago soyoil contracts were stronger by about a third of a cent in early morning trade.
Relative weakness in the Canadian dollar supported gains for canola. The loonie was at 74.5 U.S. cents during early morning trade.
Generally good crop conditions across the Canadian Prairies weighed on canola values.
About 2,500 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Nov 492.90 up 1.80
Jan 498.90 up 1.10
Mar 501.40 unchanged
May 502.40 up 0.30