By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 19 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were trading either side of steady on Monday.
“Canola is very sturdy. It was extremely strong on Friday,” commented a Winnipeg-based trader, noting support was coming from spreading.
However, pressure was coming from a sharp decline in Chicago soyoil. Lower European rapeseed also weighed on values and Malaysian palm oil was steady.
“Canola is not showing any signs of going anywhere,” the trader said.
The canola harvest across the Prairies was pretty much wrapped up last week, with Alberta reporting on Friday that 95 per cent of its canola was combined. Manitoba and Saskatchewan also reported their canola harvests were virtually complete.
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“There’s still a lot of uncertainty about the final yields and crops,” the trader said, noting the Statistics Canada survey on principal field crops starts at the end of the month. The results won’t be released until December.
The Canadian dollar was higher at 75.97 U.S. cents, compared to Friday’s close of 75.80.
Approximately 16,100 canola contracts were traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Price Change
Canola Nov 528.50 up 1.50
Jan 534.10 up 0.20
Mar 539.70 dn 0.50
May 541.20 dn 0.60
