By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 9 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were slightly higher at midday Wednesday, following a second night of frost across most of the Prairies.
“The market is incorporating a risk premium due to the uncertainty of production,” stated a Winnipeg-based trader.
He said canola that was already swathed should be alright, but the canola still standing, “will be hard to say how it will pan out.”
The trader estimated there remains 50 to 60 per cent of the canola on the Prairies yet to be harvested. Manitoba Agriculture issued its weekly crop report on Tuesday, citing that 22 per cent of the province’s canola has been combined.
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Chicago soyoil was down by nearly three-tenths of a United States cent and weighed on values, along with lower European rapeseed. There was support from gains in Malaysian palm oil.
The Canadian dollar was slightly higher at 75.98 U.S. cents, compared to Tuesday’s close of 75.81.
Approximately 12,200 canola contracts were traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Price Change
Canola Nov 511.60 up 0.70
Jan 518.90 up 1.10
Mar 523.70 up 1.10
May 527.10 up 0.80
