By Glen Hallick, MarketsFarm
WINNIPEG, July 9 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) stronger at midday Friday, with the November contract already rising to the daily limit of C$30 per tonne.
A Winnipeg-based trader said this is due to the heat across the Prairies that’s further stressing crops. He noted that sellers were beginning to back away from the canola market, which was leading to reduced trading volumes. Also that crush margins were “getting smoked.”
The trader added that contracts busting through the C$1,000 per tonne mark may not be too far away.
Read Also
ICE Canola Midday: Canola following gains in soyoil
By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were on the rise late Tuesday morning,…
The Canadian Grain Commission reported that for the week ended July 4, producer deliveries of canola were 182,900 tonnes, with exports of only 90,600 tonnes and domestic usage of 183,100 tonnes – all down from the previous week.
Thanks to a positive June employment report from Statistics Canada, the Canadian dollar quickly returned above the 80 cent mark. The loonie jumped to 80.19 U.S. cents compared to Thursday’s close of 79.74.
Approximately 13,500 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Nov 844.00 up 30.00
Jan 835.30 up 29.00
Mar 822.00 up 27.60
May 801.10 up 22.90
