By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 13 (MarketsFarm) – The ICE Futures canola market was stronger Friday morning, seeing some follow-through buying interest after Thursday’s rally as speculators covered short positions.
Cool and wet conditions continue to cause harvest delays across parts of Western Canada, keeping a weather premium in the market.
Gains in Chicago Board of Trade soybeans and weakness in the Canadian dollar also provided some support ahead of the weekend.
However, large old crop supplies and ongoing uncertainty over trade relations with China tempered the advances.
About 9,700 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Price Change
Canola Nov 451.60 up 4.50
Jan 459.60 up 4.50
Mar 466.70 up 4.20
May 472.70 up 4.20
