By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 4 (MarketsFarm) – The ICE Futures canola market was stronger Tuesday morning, playing ‘catch-up’ with the Chicago Board of Trade soy complex.
Soybeans and soyoil posted solid gains on Monday when the canola market was closed for a long weekend. Soyoil remained firm on Tuesday, hitting fresh five-month highs. Although soybeans were slightly weaker.
A slightly softer tone in the Canadian dollar also provided some support.
However, the upside in canola was limited, with chart resistance putting some pressure on values.
Relatively favourable weather conditions across the Prairies and the looming harvest also tempered the gains.
About 9,000 canola contracts had traded as of 8:55 CDT.
Prices in Canadian dollars per metric ton at 8:55 CDT:
Price Change
Canola Nov 491.80 up 0.30
Jan 498.30 up 1.20
Mar 502.10 up 2.10
May 504.90 up 2.50
