By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 8 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were stronger at midday Tuesday, largely due to support from a weaker Canadian dollar and gains in Chicago soyoil, according to a Winnipeg-based trader.
Following the Labour Day long weekend, the Canadian dollar was lower at 75.89 U.S. cents, compared to Friday’s close of 76.40. Also, Chicago soyoil was up by about three-tenths of an United States cent.
“The canola product value is up nine bucks and canola is up $8.80, so it’s just catching its product value,” the trader commented.
Read Also
ICE Canola Midday: Prices suddenly turn lower
By Glen Hallick Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were falling back late Friday morning, after…
He said overnight frosts across the Prairies were likely contributing about $2 to $3 in canola’s increases at midday.
“There are some pockets in some areas of major damage. Northern and central Saskatchewan were hit the hardest,” the trader said, noting that most of canola across the Prairies has likely been swathed, which likely limited the extent of the damage.
He added the coming frost reports over the next few days will provide a clearer picture of the situation.
Approximately 17,000 canola contracts were traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Nov 512.80 up 9.10
Jan 518.90 up 8.40
Mar 523.00 up 7.30
May 527.00 up 6.30
