By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 17 (MarketsFarm) – The ICE Futures canola market was lower Thursday morning, with strength in the Canadian dollar and bearish technical signals behind some of the weakness.
A window of warmer and drier weather across the Prairies also pressured values, as farmers should be able to make some harvest progress over the next few days.
However, the harvest remains well behind normal with yield and quality losses expected for the crops still in the field.
Gains in the Chicago Board of Trade soy complex also provided some spillover support for canola.
About 9,500 canola contracts had traded as of 8:48 CDT.
Prices in Canadian dollars per metric ton at 8:48 CDT:
Canola Nov 457.20 dn 2.80
Jan 465.10 dn 3.30
Mar 473.60 dn 3.60
May 480.80 dn 3.90
Futures Prices as of October 17, 2019
Prices are in Canadian dollars per metric ton