By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 16 (MarketsFarm) – The ICE Futures canola market was on either side of unchanged at midday Tuesday, amid light trade volumes and choppy activity.
Despite a spate of challenging weather across the Canadian Prairies, some growers have made substantial harvest progress. According to one trader, producers in Northwest and Central Saskatchewan are wrapping up harvest activity.
The most recent crop report from Manitoba Agriculture also pegged Manitoba’s canola harvest as 80 per cent complete. What canola remains on the field will likely stay there until the ground freezes.
The soy complex on the Chicago Board of Trade was lower on Wednesday, clawing back gains made earlier in the week. That kept a lid on canola prices.
The Canadian dollar was stronger at around 75.79 U.S. cents, boosted by strong crude oil values. A strong Canadian dollar makes exports less attractive, keeping pressure on canola values.
About 12,600 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 461.40 unch
Jan 469.80 dn 0.40
Mar 478.50 dn 0.50
May 485.30 dn 1.20
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