By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 2 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, taking some direction from the Chicago Board of Trade soy complex.
While soybeans and soyoil were holding closer to unchanged in early activity, the futures had posted solid gains on Wednesday when the canola market was closed for Canada Day.
The United States markets close early today and will remain closed Friday for Independence Day. Positioning ahead of the holiday could lead to some thin and choppy activity.
Weather concerns in parts of the Prairies provided some underlying support for canola, with continued excessive precipitation in northern Alberta hurting the crop prospects there. The extent of the damage caused by recent heavy rains in western Manitoba/eastern Saskatchewan was also being followed closely.
About 4,200 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Nov 478.00 up 2.00
Jan 484.20 up 2.00
Mar 489.20 up 2.10
May 493.90 up 2.00