By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) – ICE Futures canola contracts were steady to higher at midday Monday as canola has continued to show some independence since Friday, said a Winnipeg-based trader.
“Maybe four dollars’ worth in the last two days combined,” he stated, adding the gains had more to do with firm soyoil prices and a weaker Canadian dollar than the weather.
However, he noted the markets will become edgy and nervous as more winter-like weather has been forecast to strike the Prairies this week, beginning tomorrow in Alberta.
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“Canola might be left on the fields if we don’t get a long stretch of good weather,” he commented.
Although Alberta made the headlines with its heavy dump of snow last week, the trader pointed out that Manitoba ended up with about four times the precipitation. The harvest managed to resume in Alberta and Saskatchewan, but largely remains stalled in Manitoba.
Approximately 13,700 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola Nov 462.20 up 1.50
Jan 470.50 up 0.80
Mar 478.80 up 0.30
May 485.30 dn 0.20
