By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 13 (CNS Canada) – Canola contracts on the ICE Futures Canada platform hit fresh three-month highs on Thursday, as weather concerns in Western Canada provided support.
Recent snow, wet fields, and cold temperatures have left roughly 20 per cent of the country’s canola crop un-harvested, with up to 90 per cent of the canola still on fields in parts of Alberta.
There is still plenty of time for conditions to improve before the winter sets in. However, a broker said commercials may be getting nervous.
Speculators buying canola and selling soybeans at the Chicago Board of Trade were also behind some of the price activity, according to a broker. Soybeans and soyoil were both down on Thursday, with canola gaining about C$15 relative to soybeans over the past few days.
About 22,000 canola contracts had traded as of 10:45 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
