By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – The ICE Futures canola market continued its steady uptrend at midday Thursday, hitting its highest levels since February as bullish technical signals kept speculators on the buy side.
Concerns over continued dryness across much of the Prairies and the need for end users to secure supplies contributed to the strength, with little precipitation in the long-range forecasts.
Gains in outside markets, including Chicago soyoil and European rapeseed, were also supportive.
However, strength in the Canadian dollar put some pressure on canola. Farmer selling was also likely coming forward at the highs.
About 18,200 canola contracts traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Canola Nov 809.50 up 12.00
Jan 808.50 up 9.50
Mar 802.10 up 6.40
May 793.50 up 3.80
