By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 24 (MarketsFarm) – The ICE Futures canola market was slightly higher at midday Tuesday, with delayed harvest activity and weather woes providing support to the market.
“Harvest is struggling, and will continue to struggle,” remarked one Winnipeg-based trader.
Forecasts across the Prairies are calling for rainy, cool weather, with isolated instances of snow. Currently, harvest in the region is about one third complete.
Lack of demand has continued to weigh on the market.
“Without short covering from funds or specs, as you can see right now, we’re trading mixed and quiet with not a lot going on,” said the trader.
About 6,000 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Nov 448.60 up 0.40
Jan 456.80 up 0.30
Mar 465.10 up 0.30
May 472.30 unch
END
