By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 4 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger Friday morning, getting support from short covering and the delayed harvest.
The Prairie harvest has remained well behind pace due to cold, wet conditions. However, improved weather across most of the region will see farmers continue their combining. Southern Manitoba will be one exception, with rain forecast for most of the region over the weekend.
Canola has been getting support from palm oil as dry conditions in Southeast Asia are set to lead to production issues in the coming months.
The Canadian dollar was higher this morning at 75.16 United States cents after closing Thursday at 75.02.
About 4,000 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Price Change
Canola Nov 461.40 up 2.30
Jan 470.10 up 2.00
Mar 478.90 up 2.30
May 486.00 up 2.50
