By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 5 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, as ongoing concerns over declining Canadian crop prospects provided support.
Persistent hot and dry weather conditions have decimated yields in many areas, with the need to ration demand keeping canola well supported.
Gains in the Chicago Board of Trade soy complex also provided some support.
However, volatility is expected over the next few weeks, as participants wait to get a better handle on the actual size of the crop.
The Canadian dollar was firmer in early activity.
About 2,600 canola contracts had traded as of 8:57 CDT.
Prices in Canadian dollars per metric ton at 8:57 CDT:
Price Change
Canola Nov 878.80 up 6.00
Jan 863.60 up 4.70
Mar 848.60 up 3.50
May 828.70 up 3.50
