By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 11 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher at midday Friday, due to commercial demand and speculative fund interest, according to a Winnipeg-based trader.
“The farmer selling is kind of light for the time being, so we’re not seeing much resistance above the market,” the trader added.
With slow progress being made in the Prairie canola harvest, he said there are questions in the market as where this year’s crop is going to end up?
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“It looks like the crop might be a little lower than what Statistics Canada had on their satellite models,” the trader commented.
The federal agency is scheduled to release its model-based principal field crop estimates on Sept. 14.
Prior to that, the United States Department of Agriculture issues its monthly supply and demand estimates plus its crop production report today at 11 am CDT. That was generating gains for Chicago soy complex, which was providing spillover support for canola, the trader said.
The Canadian dollar was slightly lower, at 76.86 U.S. cents, compared to Thursday’s close of 75.98.
Approximately 11,400 canola contracts were traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Price Change
Canola Nov 512.00 up 2.20
Jan 519.30 up 2.00
Mar 524.90 up 1.60
May 526.90 up 0.30
