By Jade Markus, Commodity News Service Canada
WINNIPEG, August 18 – ICE Canada canola contracts were mixed, but mostly stronger at midday on Thursday, as rain in western Canada kept a weather premium in the market.
Crops in parts of southern Manitoba and eastern Saskatchewan were damaged by overnight storms on Wednesday.
“They have done some serious damage to crops, but fortunately it wasn’t everywhere that took a major hit,” said one Winnipeg-based trader.
The rains could hurt crops which are on the edge of harvest, he added.
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However, the expectation for a large crop overall tempered advances in more deferred contracts.
Losses in the Chicago Board of Trade soybean market added some pressure to canola, though prices were lagging those declines.
“Canola’s not following them all the way down because it didn’t follow them all the way up,” the trader said.
The Canadian dollar was stronger against its US counterpart at midday on Thursday, which further capped advances.
About 9,155 contracts had traded as of 10:15 CDT.
Milling wheat, durum and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:15 CDT:
