The Intercontinental Exchange (ICE) Futures canola market tried to salvage what it can at the end of July after a sharp downturn in prices over the past week.
Despite the majority of all three major United States crops being in good to excellent condition, hot weather and speculative fund buying have lifted prices at the Chicago Board of Trade (CBOT).
Warmer conditions helped crops across Manitoba advance in their development during the week ended July 21, according to the province’s weekly crop report.
Crop conditions across the province were rated at 72.9 per cent good to excellent, better than the five-year average of 68.8 per cent and the 10-year average of 70.2 per cent. The central region had the best rating at 78.2 per cent, followed by the Peace region at 75.7 per cent and the south region at 73.9 per cent, all above both historical averages. The northeast region was at 70 per cent, below its averages, while the northwest was in line with its average at 61.8 per cent.
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