By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 19 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Wednesday.
Hot weather is forecast across most of the Canadian Prairies this week. With harvest activity a few weeks away in most areas, one Winnipeg-based trader believed the hot conditions to be introducing a weather premium into prices.
Chicago soyoil was slightly weaker at midday, which weighed on the upside for prices. Nearby soyoil contracts were down by about a tenth of a cent.
The Canadian dollar was just over 76 United States cents at midday, due to prolonged weakness in the greenback. A strong Canadian dollar makes canola exports less attractive, keeping pressure on values.
Approximately 6,000 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola Nov 489.30 up 1.40
Jan 496.10 up 1.30
Mar 501.60 up 1.60
May 505.20 up 1.30
