By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 17 (MarketsFarm) – The ICE Futures canola market was lower at midday Thursday, following trends set earlier in the week amid choppy trading activity.
Harvest progress in most of the Prairies has put pressure on canola prices. The canola harvest is nearly complete in Prairie regions that didn’t receive significant snow. Weather forecasts across the Prairies are seasonal and positive for the next few days, and growers should make considerable progress.
The soy complex on the Chicago Board of Trade was higher Thursday, boosted by positive comments regarding a trade deal between the United States and China. However, that strength didn’t translate into spillover support for canola. One trader thought speculative spreaders were selling canola in favour of stronger-performing soybeans.
The Canadian dollar was stronger at around 76.14 U.S. cents, keeping pressure on canola values.
About 29,000 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Nov 458.80 dn 1.20
Jan 467.40 dn 1.00
Mar 476.00 dn 1.20
May 483.70 dn 1.00
Futures Prices as of October 17, 2019
Prices are in Canadian dollars per metric ton