By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 5 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, retesting the session-highs hit Tuesday when markets in the United States were closed for Independence Day.
The Chicago soy complex was stronger in early trade, providing spillover support for the Canadian oilseed. European rapeseed futures were also mostly higher, while Malaysian palm oil held closer to unchanged.
The need to keep a weather premium in the market, as long-range forecasts remain hot and dry, contributed to the gains in canola.
The Canadian dollar was slightly softer in early activity.
About 11,000 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola Nov 757.20 up 17.80
Jan 762.60 up 18.10
Mar 766.60 up 18.00
May 770.10 up 17.40
