By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 4 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, seeing some follow-through buying interest after Tuesday’s late move higher.
Tuesday’s recovery was constructive from a chart standpoint, signaling that a nearby low may be in for the time being.
Ongoing concerns over hot and dry Prairie weather cutting into the size of the canola crop were the major supportive influence, as yield prospects continue to deteriorate.
Overnight gains in Malaysian palm oil and a firm tone in the Chicago Board of Trade soy complex helped underpin canola as well, although the Canadian oilseed was outpacing those markets to the upside.
About 5,200 canola contracts had traded as of 8:53 CDT.
Prices in Canadian dollars per metric ton at 8:53 CDT:
Price Change
Canola Nov 880.00 up 24.90
Jan 865.70 up 21.20
Mar 852.00 up 19.30
May 831.70 up 18.30
