WINNIPEG, Manitoba--ICE canola futures were stronger Thursday morning as activity resumed after the Canada Day holiday.
The Chicago soy complex was higher on Wednesday while Canadian markets were closed, and the U.S. futures were showing continued strength on Thursday.
European rapeseed and Malaysian palm oil futures were softer Thursday but had moved higher on Wednesday.
The record canola area reported by Statistics Canada on Tuesday remained a bearish influence overhanging the market.
However, excessive moisture and flooding concerns in parts of the Prairies were cutting into production prospects, bringing some weather premiums into the market.
About 19,000 canola contracts had traded as of 9:58 a.m. EDT.
Prices in Canadian dollars per metric ton at 9:58 a.m. EDT:
Price Change Nov 741.20 up 5.90 Jan 749.70 up 5.80 Mar 755.60 up 5.40 May 759.60 up 5.90Source: Commodity News Service Canada, news@marketsfarm.com