By Marlo Glass, MarketsFarm
WINNIPEG, July 31 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher on Friday morning, bouncing back from losses incurred yesterday.
Strength in Chicago soyoil was a supportive factor for canola prices. Nearby Chicago soyoil contracts were stronger by about a third of a cent in early morning trade.
A relatively lower Canadian dollar kept pressure on further gains for canola. The loonie was at 74.5 U.S. cents during early morning trade.
Generally good crop conditions across the Canadian Prairies also weighed on canola values.
About 2,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Nov 490.10 unchanged
Jan 495.60 up 0.10
Mar 499.40 up 0.40
May 501.70 unchanged