ICE canola underpinned by weather concerns

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, July 27 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, as hot and dry Prairie weather provided support.
Forecasts over the next week show only minimal chance of precipitation, with hot temperatures likely to keep cutting into yield prospects.
Production is generally expected to be down sharply on the year, although the extent of the reduction remains to be seen.
Gains in Chicago Board of Trade soybeans and a softer tone in the Canadian dollar were also supportive for canola. However, soyoil backed away from early gains to post losses in the most active months.
About 8,700 canola contracts traded as of 10:38 CDT.

Prices in Canadian dollars per metric tonne at 10:38 CDT:

Price Change
Canola Nov 900.80 up 4.40
Jan 886.00 up 5.10
Mar 871.40 up 8.60
May 850.60 up 7.30

Futures Prices as of July 27, 2021

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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