ICE Canola Recovering From Early Losses at Midday

WINNIPEG, Manitoba--The ICE Futures canola market was posting small gains in the most active months at midday Thursday, recovering from early declines after finding some support to the downside.

Sharp strength in the Canadian dollar, which was up by roughly half of a cent relative to its United States counterpart, accounted for some selling pressure in canola.

Speculative long liquidation also weighed on prices in early activity.

However, ongoing drought concerns across Western Canada, with forecasts calling for more heat and dryness over the next week, remained supportive.

Gains in Chicago Board of Trade soybeans and soyoil also underpinned canola.

About 9,300 canola contracts traded as of 11:39 EDT.

Prices in Canadian dollars per metric tonne at 11:39 EDT:

             Price       Change

Canola

   Nov       883.20    up 0.20
   Jan       869.70    up 0.50
   Mar       855.40    up 0.60
   May       835.10    up 0.40

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at news@marketsfarm.com


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  07-29-21 1224ET
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