By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 21 (MarketsFarm) – The ICE Futures canola market was mostly higher on Wednesday morning.
Canola values found support from Malaysian palm oil futures, which were boosted due to expectations of slower production growth. Soybeans on the Chicago Board of Trade were also bolstered by increased palm oil futures.
A tour through the United States Midwest has reported a lower soybean pod count compared to last year, which also provided support to the soy complex.
As harvest continues, concerns of frost across the Canadian Prairies have kept a weather premium in the market.
The Canadian dollar remained around 75 cents compared to its U.S. counterpart, which kept a lid on values.
About 1,600 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Nov 452.80 up 1.50
Jan 460.20 up 1.30
Mar 466.80 up 1.50
May 472.40 up 1.70
Commodity Future Prices
Prices are in Canadian dollars per metric ton