By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 6 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were higher Wednesday morning, buoyed by gains in soyoil on the Chicago Board of Trade.
As the Prairie harvest continues, Manitoba agriculture issued its latest and last crop report for 2019. The overall harvest is 89 per cent complete, with canola at 91 per cent province-wide. Saskatchewan releases its weekly crop report on Thursday, followed by Alberta on Friday.
Crush demand remains strong with margins not only staying above C$100 per tonnes, but exceeding C$110 for the November/December contract. Margins are more than double than this time last year.
Although China lifted its ban on Canadian pork and beef imports, the ban on canola has continued. However, China is still importing other Canadian agricultural products.
The Canadian dollar is lower this morning at 75.90 U.S. cents after closing Tuesday at 76.03.
About 7,400 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Price Change
Canola Jan 464.90 up 2.80
Mar 474.10 up 2.70
May 482.60 up 2.40
Jul 489.70 up 2.20
