WINNIPEG, Manitoba--The ICE Futures canola market was stronger at midday Thursday, hitting its highest levels in a week as steady demand underpinned the futures.
European rapeseed contracts climbed to fresh highs overnight, which provided spillover support for the Canadian oilseed. Chicago Board of Trade soyoil futures were also stronger, although off their earlier highs by midday.
Seasonal harvest pressure did temper the upside, with relatively favorable weather conditions across the Prairies allowing farmers to make quick progress. However, the continued dryness was already leading to concerns over the 2022 crop, after the drought of 2021 cut into yields.
Strength in the Canadian dollar and ideas that canola remains overpriced compared to other oilseeds also weighed on values.
About 10,200 canola contracts traded as of 11:38 EDT.
Prices in Canadian dollars per metric ton at 11:38 EDT:
Price Change Canola Nov 876.50 up 9.10 Jan 869.30 up 9.00 Mar 859.30 up 7.70 May 843.10 up 6.60
Source: Commodity News Service Canada, email@example.com
(END) Dow Jones Newswires