By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 8 (MarketsFarm) – ICE Futures canola contracts were higher at midday Tuesday, exhibiting a little bit of independent strength while benefitting from firmness in the Chicago soy complex, according to a Winnipeg-based trader.
He estimated canola bids were showing about C$2 to C$4 per tonne in independent strength, which could also be weather related.
Parts of Alberta and Saskatchewan were receiving small amounts of snow on Tuesday as a cold front makes its way eastward across the Prairies. Temperatures in the front have been around the freezing mark, warmer temperatures in the western Prairies are forecast to return beginning on Thursday.
The trader estimated Prairie farmers need about three weeks of good weather to finish harvesting their canola. Across the Prairies, farmers were approximately 37 per cent complete, with Manitoba being a good deal ahead of Saskatchewan and Alberta.
Approximately 15,500 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Nov 464.40 up 1.80
Jan 472.90 up 1.70
Mar 481.80 up 1.90
May 489.00 up 2.20
