By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 27 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, seeing a continuation of Monday’s late turn higher.
Continued concerns over drought conditions cutting into the size of the Canadian crop, along with uncertainty over how much demand will need to be rationed going forward, remained supportive.
Forecasts over the next week remain hot across most of the Prairies, with only minimal precipitation expected.
Gains in the Chicago Board of Trade soy complex and a weaker tone in the Canadian dollar were also supportive.
About 5,500 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Nov 904.50 up 8.10
Jan 888.00 up 7.10
Mar 871.20 up 8.40
May 850.30 up 7.00