WINNIPEG – The ICE Futures canola market was stronger Thursday morning, as persistent Prairie weather concerns provided support.
While parts of Alberta and Saskatchewan are forecast to see some precipitation over the next few days, the eastern Prairies remain hot and dry with many analysts downgrading their expectations on the size of this year’s canola crop.
Early weakness in the Canadian dollar, which fell to its softest level in nearly three months relative to the United States dollar, contributed to the gains in canola.
However, losses in Chicago Board of Trade soybeans and soyoil put some spillover pressure on values.
About 4,300 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 805.70 up 14.80
Jan 800.90 up 14.60
Mar 790.30 up 13.00
May 774.80 up 10.60
