By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 24 (MarketsFarm) – The ICE Futures canola market was holding onto small gains Tuesday morning in thin and choppy activity.
Early advances in Chicago Board of Trade soybeans provided spillover support, while adverse Canadian harvest conditions also underpinned the futures.
Cool and wet conditions continue to cause delays across the Prairies, with the increasing potential for frost damage keeping a weather premium in the market. Weather models indicate a possible killing frost in many areas by the weekend.
However, large old crop supplies and seasonal harvest pressure tempered the upside.
Bearish technical signals and Canada’s ongoing diplomatic dispute with China also limited the advances.
About 2,200 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric ton at 8:39 CDT:
Price Change
Canola Nov 449.10 up 0.70
Jan 457.00 up 0.50
Mar 465.10 up 0.30
May 472.30 unchanged
