ICE Canola Continues to Trade Higher, Chicago Gains Offer Support

WINNIPEG, Manitoba--The ICE Futures canola market was stronger Friday, seeing a continuation of Thursday's bounce ahead of the long weekend.

Gains in Chicago soybeans and soyoil provided spillover support for canola, and European rapeseed and Malaysian palm oil futures were higher.

Hot and dry Prairie weather was also supportive, although most of the canola crop is still thought to be in relatively good shape, according to reports.

The Canadian dollar was near unchanged, providing little direction.

The canola market will be closed Monday for Terry Fox Day, and many other Canadian institutions are also closed for provincial holidays.

About 11,500 canola contracts traded as of 12:15 p.m. EDT.

Prices in Canadian dollars per metric ton:

Canola

Contracts Prices Change

   Nov        793.70  up 12.80 
   Jan        796.70  up 12.50 
   Mar        797.30  up 11.70 
   May        794.60  up 11.10 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

08-04-23 1243ET