By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 15 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Friday morning, seeing some consolidation as traders squared positions ahead of the weekend.
Gains in Chicago soyoil and a firmer tone in crude oil provided some underlying support. However, Malaysian palm oil was weaker overnight while European rapeseed lacked any clear direction.
After falling sharply on Thursday, the Canadian dollar was showing some strength on Friday which put some pressure on canola.
Crop conditions across the Prairies are varied, with some areas dealing with excess moisture while others are still on the dry side. Hot temperatures are in the forecast for most areas.
About 5,200 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Nov 845.70 up 2.10
Jan 852.00 up 1.10
Mar 858.20 unchanged
May 863.00 up 0.10
