By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 30 (MarketsFarm) – ICE Futures canola contracts were up sharply at midday Monday, as a winter storm hit the Prairies and northern United States.
The snow was heaviest in Alberta, but wet conditions in all three Prairie provinces will delay harvest progress and hurt the quality of any crops still in the fields.
Gains in Chicago Board of Trade soybeans were also supportive for canola, according to a trader.
However, canola remained rangebound overall, with the November contract about five dollars below the top end of its well established sideways range.
The U.S. Department of Agriculture releases its quarterly stocks report at 11:00 CDT, which could provide some direction for the futures later in the session if there are any surprises.
About 19,000 canola contracts traded as of 10:22 CDT.
Prices in Canadian dollars per metric tonne at 10:22 CDT:
Price Change
Canola Nov 451.40 up 5.60
Jan 460.20 up 5.50
Mar 468.40 up 5.50
May 475.20 up 5.20
