By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 25 (MarketsFarm) – ICE Futures canola contracts were higher at midday Tuesday, as the ongoing heat across the Prairies and the United States Midwest is likely to cut yields.
A Winnipeg-based trader noted the increases in the Chicago soy complex was further compounded by the recent derecho wind storm that devastated crops in Iowa.
“We’ve had some crop losses in Canada too. They’re not quite what they were a month ago,” he added.
The heat across most of the Prairies resulted in canola pod development being too quick in some cases due to the prolonged heat, the trader explained.
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There has been some harvesting of canola on the Prairies, with swathing a little more prevalent, according to last week’s crop reports. Manitoba Agriculture is scheduled to issue its next weekly report this afternoon. Saskatchewan Agriculture releases its on Thursday, followed by Alberta’s on Friday.
The Canadian dollar was unchanged from yesterday’s close of 75.72 U.S. cents.
Approximately 15,100 canola contracts were traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Price Change
Canola Nov 492.00 up 2.70
Jan 499.90 up 2.30
Mar 506.30 up 2.80
May 511.50 up 2.30
